iTrade Global (CY) Ltd
Terms and Conditions of Business/
Last Updated in June 2018
3. SCOPE AND APPLICATION OF THE TRADING TERMS AND CONDITIONS
4. DEFINITIONS AND INTERPRETATION OF TERMS
5. RISK ACKNOWLEDGEMENT
7. CUSTOMER ACCOUNT OPENING PROCEDURE
8. ASSESSING APPROPRIATENESS
9. CUSTOMER CATEGORISATION
11. ELECTRONIC TRADING AND USE OF THE COMPANY’S TRADING PLATFORM
12. CUSTOMER INSTRUCTIONS AND ORDERS
13. REFUSAL TO EXECUTE ORDERS
14. CANCELLATION OF TRANSACTIONS
15. OUR RIGHT TO FORCE CLOSE
16. ROLLOVER FEATURE
17. MARGIN REQUIREMENTS
18. SETTLEMENT OF TRANSACTIONS
19. HANDLING OF CLIENTS FUNDS
20. FEES, COMMISSIONS, CHARGES AND OTHER ASSOCIATED CHARGES/ COSTS
22. DORMANT ACCOUNT PROCEDURES AND HANDLING FEES
23. INVESTOR COMPENSATION FUND
24. CUSTOMERS COMPLAINTS
25. PERSONAL DATA AND CONFIDENTIALITY
26. AMENDMENT AND TERMINATION OF THE SERVICE AGREEMENT
27. CONFLICTS OF INTEREST
28. ANTI – MONEY LAUNDERING PROVISIONS
29. FORCE MAJEURE
30. INTRODUCTION OF CLIENT FROM AN INTRODUCING BROKER
31. THIRD PARTY AUTHORIZATION
32. COMMUNICATIONS AND WRITTEN NOTICES
33. LIABILITY AND INDEMNITY
34. GUARANTEES ON BEHALF OF THE CLIENT
35. CHARGEBACK POLICY
36. INTELLECTUAL PROPERTY
37. GENERAL PROVISIONS
38. APPLICABLE LAW AND REGULATIONS
ITRADE Global (CY) Ltd
This Agreement is entered by and between iTrade Global (CY) Ltd (hereafter referred to as
“the Company” or “we” or “us”) on the one part and you (“the Customer or the Client”
or “you”) who may be a natural or a legal person, has completed the Company’s registration
procedure and has been accepted by the Company as its Customer on the other part.
This Client Agreement, together with the Service Agreement and accompanying documents/
Policies, as amended from time to time (hereafter “the Agreement”), sets out the terms and
conditions upon which the Company will offer its products and/or services to the Client, and
provides the necessary information to the Client prior to making a decision in regards to the
Company and its services.
By accepting this Agreement and proceeding to the opening of a trading account with iTrade
Global (CY) Ltd and/or its Brands, the Client enters into a legally binding Agreement with
the Company and it is assured that you (the Client) understand, agree and accept all the
terms and conditions of this Agreement without modifications.
Since this Agreement is of distant nature, it is governed by the Distance Marketing of
Consumer Financial Services Law N.242 (I)/2004, which applies to the EU Directive
2002/65/EC, and according to this Directive, this Agreement and the Service Agreement
are not required to be signed by either the Client or the Company or both parties to be
1.1. iTrade Global CY Ltd is an Investment Firm that owns and operates the brand
“TRADEFW” (www.TRADEFW.com). The Company is incorporated and registered
under the laws of the Republic of Cyprus, with registration number HE 335424 and is
authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC),
with CIF license number 298/16. The Company’s registered office is located at 256 Arch.
Makariou III Avenue, Eftapaton Building, 4th floor, Office D4, 3105, Limassol, Cyprus.
1.2. Through its electronic system over the Internet (hereinafter the ‘Trading Platform’) and
its official website www.TRADEFW.com (hereinafter “the website”) the Company
provides ancillary and investment services, as these are defined throughout this present
2.1. The Client acknowledges that he/she has read, understood and accepted the Service
Agreement that includes this Client Agreement with all of its Terms and Conditions
of Business, the Customer Categorization Policy, the Investor Compensation Fund
document, the Risk Disclosure Notice, the Services Offered document, the Conflict
of Interest Policy, the Order Execution and Best Interest Policy, the Deposit and
information that is contained within the Company’s website, including but not
limited to the information contained within the Legal Information / Documents
sections as amended from time to time and as presented on the Company’s
2.2. The Client acknowledges and accepts that the Company may operate other websites
apart from the main website mentioned above and which may contain information
concerning the Company, its services and the legal framework to which the
Company is bounded, either in English language or in different languages. By
continuing to access or use the Company’s website(s) you agree to follow the terms
and conditions of this Agreement as they may apply to you.
2.3. The Client acknowledges that the Company’s official language is the English
language and the acceptance of this Agreement including the “Terms and Conditions
of Business” constitutes a binding legal agreement with the Company.
2.4. The Company provides herein the trading terms and conditions of business it
2.5. It is stated that due to the nature of the business relationship this Agreement as well
we the Service Agreement will be provided to you only electronically. The Client
hereby acknowledges that he/she understands and accepts that the Service Agreement
together with any accompanying documentation will be provided to him/her only
2.6. There is no EU regulatory framework governing trading of CFDs in virtual
currencies. Trading CFDs in virtual currencies falls outside the scope of MIFID
regulated activities. The Company shall apply the same requirements and policies and
procedures with regards to trading CFDs in virtual currencies.
3. SCOPE AND APPLICATION OF THE TRADING TERMS AND CONDITIONS
3.1. The Terms and Conditions of Business apply to all the actions that are directly related
with the investment and ancillary services provided by the Company.
3.2. The Terms and Conditions of Business lay out the framework of this Agreement and
the nature of the investment services provided by the Company. They cannot be
negotiated and overruled by any prior agreements or arrangements made between the
Company and the Client.
3.3. This Agreement applies to both the Company’s website(s) and Trading Platform(s),
as well as to the electronic content and/or software currently contained on the
Company’s website(s) that supplies the Client with real time information about the
exchange rate of some currencies, as well as with the program facilities for executing
trading transactions in the Forex, CFDs and other financial instruments via the web,
phone or fax, and any other features, content or services that the Company may add in
3.4. This Agreement overrides any previous agreements, arrangements, express or implied
statements made by the Company or the Company’s employees, affiliates or business
introducers. This Agreement is effective upon the Client’s acceptance of the terms
and conditions of business during the registration process with the Company.
3.5. In this Agreement, all the words that denote only the singular number will also
comprise the plural, wherever the aforementioned definitions apply and vice versa,
and the words that denote natural persons will comprise legal persons and vice versa.
Words denoting any gender include all the genders and whenever reference is made
to the terms “Paragraphs”, “Sections” and “Appendices” it concerns paragraphs,
sections and appendices of this Agreement.
3.6. The headings of the Sections are only used for facilitating the reference and they do
not affect their interpretation.
4. DEFINITIONS AND INTERPRETATION OF TERMS
4.1. The defined terms included in this Agreement shall have the following meaning:
“Access Codes” means the unique codes which the Client will determine to enable his/her
access to the trading platform of the Company and/or to his/her Trading Account through the
Company’s electronic systems.
“Ask” means the higher price in a Quote at which price the Client may buy any financial
instrument offered by the Company.
“Authorized Representative” means the legal or natural individual which is authorized by
the Client to act on his/her behalf
“Agreement” means these Terms and Conditions of Business for the Products and Services
offered by the Company, as amended from time to time and any subsequent Appendices
“Applicable Regulations” means the Cyprus Investment Services and Activities and
Regulated Markets Law of 2007 [Law 144(I)/2007], other relevant CySEC Legislation,
Directives, Circulars and/or other Regulations issued by CySEC and govern the operations of
Cyprus Investment Firms and all other applicable laws, rules and regulations as in force from
time to time, including the European Markets in Financial Instruments Directive (MiFID).
“Balance” means the total financial result of all completed transactions and any deposits/
withdrawals and any charges/expenses charged on the Trading Account within any period of
“Balance Currency” means the currency under which the trading account has the reference
on and with which the Client buys or sells the subject matter instruments. It is noted that the
all charges including Spreads, Commissions, Charges and Swaps are calculated in the
“Base Currency” means the first currency represented in a currency pair. For Example, in
the EURO/USD currency Pair the base currency is the EURO.
“Bid” means the lower price in a Quote at which price the Client may sell any financial
instrument offered by the Company.
“Business Day” means every week day, excluding Saturdays and Sundays, and any other
Cyprus or international bank holidays or any other holiday announced on the Company’s
“Charges” means all charges, fees, mark-up, mark-down, Swap or other remuneration
payable to the Company under this Agreement in connection with a transaction.
“Client’s Bank Account” means an account held in the name of the Client and/or the name
of the Company on behalf of the Client with a bank or other institution or any electronic
payment provider or a credit card processor.
“CIF Authorization” means the license the Company has obtained from CySEC, as this may
be amended from time to time and which sets out the investment and ancillary services the
Company is authorized to provide.
“Company’s website(s)” means the website www.TRADEFW.com and any other website
that the Company may own and operate from time to time.
“Contract Specifications” means all necessary trading information concerning payout ratios,
expiration time, etc., as determined in the Company’s main website www.TRADEFW.com.
“Contracts for Difference” means a CFD on: spot foreign exchange (‘FX’), shares, spot
metals, futures or any other CFD related instrument that is available for trading. A full list of
the financial instruments is available online at the Company’s website
“Corporate Action” means any actions taken by an issuer, whose listed securities are
associated with the financial instruments traded through the Company’s Trading
Platform(s), including, but not limited to instances of: (i) stock split, (ii) consolidation, (iii)
rights issue, (iv) merger and takeover, and (v) dividends.
“CySEC” means the Cyprus Securities and Exchange Commission.
“CySEC Rules” means the Governing Laws, the Rules, Directives, Regulations, Guidance
notes and Circulars published by the Cyprus Securities and Exchange Commission.
“Customer/Client” means a natural or legal person, accepted by the Company as its
Customer/Client and to whom the company provides its services under the present
“Customer/Client Trading Account” means the unique and personalized trading account of
the Customer and includes all Completed Transactions, Open Positions and Orders in the
Company’s Online Trading System, and the Customer’ balance and deposit/withdrawal
“Customer Agreement” means the agreement between the Client and the Company as to the
investment and ancillary services provided by the Company, which also includes the
Company’s policies as those are being mentioned in this present agreement in Section 2.1. of
the “Acknowledgement” Section.
‘Customer Terminal or Trading Platform” means the platform used by the Company or any
updated trading platform, or an updated version, in addition to any trading platform
facilitations to web and mobile traders, which are used by the Client in order to obtain
information on underlying markets in real-time, to make Transactions, to place or delete or
modify Orders, as well as to receive any notices from the Company and to keep a record of
“Closed Position” means the opposite of an Open Position.
“Company” means iTrade Global (CY) Ltd, a company incorporated and registered under
the laws of the Republic of Cyprus, with registration number HE 335424 which is
authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC),
with CIF license number 298/16 and having its registered office at 256 Arch. Makarios
Avenue III, Eftapaton, 4th
Floor, Office D4, 3105 Limassol, Cyprus.
“Company’s Online Trading System” means the Software used by the Company which
includes the aggregate of its computer devices, software, databases, telecommunication
hardware, a trading platform, all programs and technical facilities providing real-time
Quotes, making it possible for the Client to obtain information of Underlying Markets in
real time, make technical or any other analysis on the markets, enter into Transactions,
place/delete/modify Orders, receive notices from the Company and keep record of
Transactions and Calculating all mutual obligations between the Client and the Company.
The Company’s Online Trading System consists of the Servers and the Customer Terminal.
“Currency of the Customer Account” means the currency that the Customer Account is
“Dormant Account” means the Customer trading account in which there have been no
transactions (trading / withdrawals / deposits), for a period of 12 months.
“Dormant Account Annual Handling Fees” means the fees charged to Dormant Accounts
as are explained in detail in article 22 of this Agreement.
“Equity” means Balance plus or minus any floating profit or loss derived from any Open
Positions (after deducting any Charges and the application of any Spread on closing of a
position) and shall be calculated as: Equity = Balance +/- Floating Profit/ Loss – Charges
“Execution” means the execution of Clients’ orders on the Company’s trading platform,
where the Company acts on behalf of the clients to execute their orders/transactions (via the
“Execution Venue” means the entity with which client orders, assets or securities are
placed and/or to which the Company transmits client orders for execution.
“FATCA” means the US federal law “Foreign Account Tax Compliance Act”.
“Forex or FX” means foreign exchange market (also known as the overt the counter
“Financial Markets” means international financial markets in which currency and other
financial assets exchange rates are determined in multi-party trade.
“Financial Instruments” means any of the financial instruments, Forex, CFDs and or any
other financial instrument offered by the Company according to its license and under
applicable Laws or Regulations and they are defined in detail at the paragraph “Services” of
this document as well as are described in detail in the Company’s license from CySEC.
“Floating Profit/Loss” means the unrealized profit/loss of open positions at current prices
of the assets / underlying assets.
“Free Margin” means the funds in the clients’ account that are available as collateral (for
opening a position or to maintain an open position) and is in excess of the Margin
requirement: Free Margin = Equity – Margin.
“Frequent Trading” means the Client’s obligation to start trading within twenty (20)
working days from the day of the opening of his/her trading account and to perform the
minimum of ten (10) trades within three (3) months.
“Handling Fees” means fees charged by the Company to the Customer’s Trading Account
in cases of breach of the Terms and Conditions of business and are explained in detail in
Section 20 “Company’s Fees, Commissions, Costs and associated Charges” of this
“Introducing Broker” means a third party who introduces prospective Clients to the
“Initial Margin” means the necessary margin required by the Company so as to open a
position for each type of financial instrument.
“Limit Order” means an order to execute a trade at a specific price or a better one.
“Lot” means the unit that represents the volume of a transaction. It should be noted that 1 lot
equals 100,000 units of base currency, for example 1 lot in EUR/USD equals EUR 100,000;
therefore, 0.1 of a lot is 10,000 units and 0.01 of a lot is 1000 units of base currency.
“Low Frequency in Trading” means the case in which the Client does not start trading
within 20 working days from the day of the opening of his/her trading account and does not
perform at least ten (10) trades within three (3) months from the opening of the trading
“Margin” means the required funds that must be available in a trading account for the
purpose of opening a position and are used to secure the Client’s liability for any losses
which may be incurred in respect of any transaction and are determined at the absolute
discretion of the company.
“Margin level “means the equity to Margin Ratio calculated as:
Margin Level = (Equity / Margin) *100: it determines the condition of the Clients’ trading
“Market Maker / Liquidity Provider” means the company that provides quotes for both a buy
and a sell price in a financial instrument to the Company.
“Minor” means a person under the age of 18 or otherwise under the legal age to trade in
CFDs / FX and or any other Financial Instruments.
“Online Application Form” means the electronic sign-up form which is available on the
Company’s website www.TRADEFW.com and which a prospective Client has to complete
in order to become the Company’s Client.
“Open Position” means any long or short position that has not been closed.
“Order(s)” means the request/instruction given by the Client to the Company and/or the
platform(s) of the company to Open or Close a Position in the Client’s Account when the
price reaches the predefined order level.
“Operating (Trading) Time of the Company” means the period of time within a business
week, where the trading terminal of the Company provides the opportunity of trading
operations. The Company reserves the right to alter this period of time as fit, upon
notification to the Client through the company’s website or any other means of written
“Over the Counter (OTC)” means any contract concerning a commodity, security, currency
or other financial instrument(s) which is not traded on a regulated stock or commodity
exchange but “over the counter”.
“Parties” means the parties to this Client Agreement which is the Company and the Client.
“Pending Order” means an Order from the Client that is set to be executed once the price
has reach the requested level of the Order and can be either a buy stop, or sell stop, or buy
limit, or sell limit order or a stop-limit order.
“Power of Attorney” means the power to authorize a third party to act on behalf of the
Client in all the business relationships with the Company
“Quotes” means any bid and ask prices transmitted by the Company, subject to instances
outside the control of the Firm, through the trading platform (s).
“Quote Currency” means the second currency represented in the currency pair which can
be bought or sold by the Client for the base currency i.e. for the GBP/USD currency pair the
quote currency is the US Dollar.
“Reference Asset” means an asset of any description including a currency or currency pair
or an index or as stock or other factor designated in a CFD Transaction to which reference is
made to fluctuations in the value or price for the purpose of determining profits or losses
under the CFD Transaction.
“Registration Process” means the online account opening procedure followed by the Client
in order to open a trading account with the Company.
“Registration Data” means the information and documents requested by the Client during
the Registration Process in order to open a trading account with the Company.
“Regulated Market” means the multilateral system managed or operated by a market
operator and which brings together or facilitates the bringing together of multiple third-party
buying and/or selling interests in financial instruments – in the system and in accordance
with its non-discretionary rules – in a way that results in a contract, in respect of the financial
instruments admitted to trading under its rules and/or systems, and which i s authorized by a
competent authority as such and functions regularly in accordance with the provisions of the
Directive 2004/39/EC Title III.
“Retail Client” means a client who is not a Professional Client or an Eligible Counterparty;
“Services” means the investment and/or ancillary services which will be provided by the
Company to the Client and are governed by this Agreement as these are described in
Paragraph 6 titled “Services” of this Client Agreement.
“Service Agreement” means this Client Agreement with all the Terms and Conditions of
Business, the Customer Categorization Policy, the Investor Compensation Fund document,
the Risk Disclosure Notice, the Services Offered document, the Conflict of Interest Policy,
the Order Execution and Best Interest Policy, the Deposit and Withdrawals Policy and any
other relevant information that is contained within the Company’s website, including but not
limited to the information contained within the Legal Information / Documents sections as
amended from time to time and as presented on the Company’s Website(s).
“Swap rate” means a charge by the Company for the interest cost and associated costs
(positive or negative) incurred in relation to the overnight rollover of an open position;
“Spread” means the difference between the higher Ask Price and the lower Bid Price of a
quoted two-way price for a financial instrument.
“Stop Loss Order” means an order placed to close a position once it hits a specific price in
order to protect yourself from further losses and avoid potential close-outs/stop-outs.
“Stop Out” means an instruction to close the Client’s open position without the consent of
the Client or any prior notice in a case of insufficient funds required for maintaining open
“Take Profit Order” means an instruction that is attached to an instant execution or
pending order for securing profit.
“Trade Confirmation” means a notification from the Company’s trading platform to the
Client, confirming the Client’s entry into a Transaction.
“Trading Hours” means the period of time during which trading commences and closes,
excluding official holidays as announced on the Company’s website.
“Trailing Stop” means a type of stop-loss order connected to open trade, activated once the
specified level is reached. Trailing stop moves as price fluctuates to secure your potential
“Transaction” means any type of transaction subject to this Agreement effected in the
Client’s trading account(s) including but not limited to Deposit, Withdrawal, Open Trades,
Closed Trades and any other transaction of any financial instrument.
“Underlying Asset” means the financial instrument (i.e. stock, futures, commodity,
currency, index) on which a derivative’s price is based.
“Written Notice” means an email sent by the Company to the Client’s registered email
address, as stated on the online registration form, or the one that the company has accepted
5. RISK ACKNOWLEDGEMENT
5.1. Trading Forex, CFDs and derivative instruments is highly speculative, carries a high
level of risk and may not be suitable for all investors. As a Client, you may lose
some or all of your invested capital, therefore you should not speculate with capital
that you cannot afford to lose. As a Client, you should be aware of all the risks
associated with trading in Forex, CFDs and any other financial instruments provided
by the Company’s Platform (s). As a Client, you also understand that when trading
Forex / CFD’s and any other financial instruments provided by the platform, you are
trading on the outcome of the price of an underlying asset and that trading does not
occur in a Regulated Market but Over-The-Counter (OTC). Consequently, you
acknowledge the risks involved in the transactions of such instruments
5.2. With this Agreement, the Client agrees that he/she has understood and accepted that
the value of any investment in any type of financial instrument including Forex and
CFDs may change upwards or downwards or may result in no value at all. The
Client is also aware and acknowledges that there is a great risk of incurring losses
and damages of some or all of the initial investment as a result of the investment
activity (purchase and/or sale of Financial Instruments/ Forex/CFDs) through the
Company and the Company’s Trading Platform and accepts that he/she is willing to
undertake this risk upon entering into this business relationship.
5.3. The Client acknowledges and accepts that there may be other risks which are not
contained in Section 5 of this Agreement and that he/she has read accepted and
understood all the risks involved and therefore accepted and understood the Risk
Disclosure Notice, a necessary document for the registration process with the
company can be reviewed on the Company’s website.
5.4. “Negative Balance Protection”:
CFDs which are leveraged products, incur a high level of risk and can result in the loss of
all the client’s invested capital. However, it should be noted that the Company
operates on a “negative balance protection” basis, which means that the Client
cannot lose more than his/her overall investment.
The Client accepts that the Company reserves the right to immediately terminate the
Client’s access to the trading platform and recover any losses caused by the Client,
in the event that the Company determines, at its sole discretion, that the Client
voluntarily and/or involuntarily abuses the “negative balance protection” offered by
the Company, by way of, but not limited to, hedging his/her exposure using his/her
trading accounts, whether under the same profile or in connection with another
client(s); and/or requesting withdrawal of funds, notwithstanding any of the
provisions of this agreement, during a specific timeframe when the symbol he/she is
trading is not available.”
6.1. Subject to the Client’s obligations under the Service Agreement being fulfilled, the
Company may at its discretion offer the following investment services to the Client:
i. Reception and transmission of Client Orders in any type of financial instrument
offered by the Company.
ii. Execution of Orders on behalf of the Client in any type of financial instrument
offered by the Company.
iii. Portfolio Management
iv. Investment Advice
6.2. Subject to the Client’s obligations under the Service Agreement being fulfilled, the
Company may at its discretion offer the following ancillary services to the Client:
i. Safekeeping and administration of financial instruments for the account of
customers, including custodianship and related services such as cash/collateral
ii. Granting credits or loans to an investor to allow him/her to carry out a transaction
in one or more financial instruments, where the Company granting the credit or
loan is involved in the transaction.
iii. Foreign exchange services where these are connected to the provision of
iv. Investment Research and financial analysis or other forms
6.3. In regards to the aforementioned investment services provided by the Company, they
relate to the following types of financial instruments:
i. Transferable securities.
ii. Money-market instruments.
iii. Units in collective investment undertakings.
iv. Contracts for Differences on spot FOREX, spot precious metals, futures, shares or
any other commodities available for trading. Options, swaps, forward rate
agreements and any other derivative contracts relating to securities, currencies,
interest rates or yields, or other derivatives instruments, financial indices or
financial measures which may be settled naturally or in cash.
v. Options, futures, swaps, forward rate agreements and any other derivative
contracts relating to commodities that must be settled in cash or may be settled in
cash at the option of one of the parties (otherwise than by reason of a default or
other termination event).
vi. Options, futures, swaps, and any other derivative contract relating to commodities
that can be naturally settled provided that they are traded on a regulated market
or/and an MTF (Multilateral Trading Facility).
vii. Options, futures, swaps, forwards and any other derivative contracts relating to
commodities, that can be naturally settled not otherwise mentioned in paragraph 6
of Part III and not being for commercial purposes, which have the characteristics
of other derivative financial instruments, having regard to whether, inter alia, they
are cleared and settled through recognized clearing houses or are subject to
regular margin calls.
viii. Derivative instruments for the transfer of credit risk.
ix. Financial contracts for differences.
x. Options, futures, swaps, forward rate agreements and any other derivative
contracts relating to climatic variables, freight rates, emission allowances or
inflation rates or other official economic statistics that must be settled in cash or
may be settled in cash at the option of one of the parties (otherwise than by reason
of a default or other termination event), as well as any other derivative contract
relating to assets, rights, obligations, indices and measures not otherwise
mentioned in this Part, which have the characteristics of other derivative financial
instruments, having regard to whether, inter alia, they are traded on a regulated
market or an MTF (Multilateral Trading Facility), are cleared and settled through
recognized clearing houses or are subject to regular margin calls.
6.4. A list of the financial instruments and contract specifications are available on the
Company’s official website www.TRADEFW.com.
6.5. The Services provided by the Company under paragraph 6.1. may engage in margined
transactions or transactions in financial instruments which are: traded on exchanges
which are not recognized or designated investment exchanges and/or not traded on
any stock or investment exchange.
6.6. The Company has the right, at its discretion, at any time to refuse or withdraw the
provision, wholly or partly, of any investment or ancillary service to the Client on a
temporary or permanent basis and the Client agrees that the Company will provide at
least 24 hours’ prior notice to the Client, indicating the reason of the refusing/
withdrawal of the service and the nature of the refuse/withdrawal (permanent or
temporary), to the Client’s registered email address.
6.7. The Company may, from time to time and as often as it deems appropriate, issue
material (‘the Material’) which contains information including but not limited to the
conditions of the financial market, posted through its website and other media. It
should be noted that the Material is considered to be marketing communication only
and does not contain, and should not be interpreted as containing, investment advice
and/or an investment recommendation and/or an offer of or solicitation for any
transactions in financial instruments. The Company makes no representation and
assumes no liability as to the accuracy or completeness of the information provided,
not any loss arising from any investment based on a recommendation, forecast or
other information supplied by employee of the Company, a third party or otherwise.
The Material is not prepared in accordance with legal requirements promoting the
independence of investment research and it is not subject to any prohibition on
dealing ahead of the dissemination of investment research. All expressions of
opinion included in the Material are subject to change without notice. Any opinions
made may be personal to the author and may not reflect the opinions of the
6.8. The Client acknowledges that the Company shall not provide the service of
investment advice or provide suggested courses of trading to the Client.
6.9. The Company’s services are not available where they are illegal to use, and the
Company reserves the right to refuse and/or cancel services to anyone at its own
discretion in order to protect its legitimate interests.
6.10. For avoidance of doubt, the ability to access the Company’s website(s) does not
necessarily mean that our services and/or your activities through it are legal under
the laws, regulations or directives relevant to the Client’s country of residence.
7. CUSTOMER ACCOUNT OPENING PROCEDURE
7.1. The Company welcomes applications to open Trading Accounts from Clients that
trade in Forex, CFDs or other financial instruments with past experience or with a
good faith effort to gain knowledge and experience in trading these financial
instruments. In order to use the Company’s Services, Products and Trading Platform
(s), the Client must register with the Company by completing the Company’s Online
Application Form and by providing his/her personal details, financial profile,
knowledge and experience as well as the necessary identification documents
requested by the Company as Registration Data.
7.2. When the Client accepts paragraph 7.1 and registers on our website for receiving our
services, the Company will request the Client to provide certain identification
documents based in its internal procedures in order to accept to open a trading
7.3. After each Client fills in and submits the Company’s Online Application Form
together with all the required documentation requested by the Company, the
Company will perform all internal controls such as verification of the Client’s
identity, anti-money laundering and customer appropriateness tests and will send a
notice to the Client informing him/her whether or not he/she has been accepted as the
Company’s Client. The Service Agreement including terms and conditions will take
effect on the date on which the Client receives notification from the Company that
he/she has been accepted as a Client and that a Customer Trading Account has been
created and activated for him/her. It is understood that the Company is not required
to accept any person as its Client until all necessary documentation has been
received, correctly and entirely completed by such person, and all internal Company
controls have been completed to the Company’s satisfaction. It is further understood
that the Company reserves the right to impose additional due diligence requirements
to accept Client(s) residing in certain countries.
The Company exercising its discretion as granted by the regulatory framework may
perform client identification verification during the establishment of a business
relationship by imposing certain procedures. Specifically, the Company may apply
the provisions of CySEC Circular 157 which specified that the verification of a
client’s identity may be performed during the business relationship if there is a low
risk of money laundering and in order not to interrupt the business with the client. In
this effect, in cases where a client completes the registration process with the
Company and there is a low risk of money laundering, he/she shall be accepted
granting them a period of a maximum of 15 days to provide their client identification
documents i.e. proof of identity and proof of address. The Company further
stipulates that the maximum amount deposited must not exceed 2.000 from a bank
account or credit card that is in the name of the client and the client provides
evidence from the relevant institution and the Company retains the right in cases
where the client does not duly submit his/her identification documents, upon the
expiry of the 15 days then the business relationship shall be immediately terminated,
all positions will be closed and any available funds shall be returned to the client in
the same bank account from which they originated. The Company further undertakes
that in cases where the client fails to submit the required identification documents
and his/her available funds are refunded, the client shall bear all fess/charges
associated with the said refund.
7.4. The Client agrees that he/she has to provide us with true, accurate, current and
complete information about him/herself or his/her company during the Registration
Process, and he/she also agrees not to misrepresent or hide his/her identity from the
Company. The Client also accepts and confirms that he/she will use his/her account
for his/her own behalf and that he/she is not pursuing at any time to act with a
fraudulent manner nor he/she is seeking to impersonate any other individuals for any
purpose whatsoever. The Client further agrees and undertakes to notify us of any
changes to his/her personal or financial information in writing, by sending us an
email to [email protected] If the Company becomes aware of any
fraudulent or illegal activity, impropriety in the Registration Data or failure to meet
the Company’s due diligence requirements, it may suspend the Client’s account.
7.5. Moreover, the Client acknowledges and accepts that by opening a trading account
with the Company shall fulfil his/her minimum obligations of frequent trading and
that he/she shall start trading within twenty (20) working days from the day of the
opening of the trading account as well as shall perform at least ten (10) trades within
the first three (3) months. In cases where the Client does not perform any trades
within the first three (3) months his/her account shall be deemed to be dormant and
will be subject to a fee of USD 50 dollars per month.
7.6. During the Registration process the Client will be provided with a user name and
password that must be used only by him/her every time he/she accesses the website
to use our Services. For protection, the Client must not share his/her Registration
information with any another person or business entity for all purpose, including, but
not limited to, facilitating access and unauthorized use of the service. If the Client
believes that someone has used or is using his/her registration information, user
name or password to access any service without his/her authorization, he/she must
immediately notify in writing the Back-Office Department of the Company.
7.7. When the Client registers with the Company, he/she acknowledges his/her
willingness to share with the Company certain private information which it uses for
the purpose of confirming his/her identity and categorizing him/her according to the
Company’s Customers Categorization Policy. This information is collected in line
with the Company’s verification procedures which are used to deter money
laundering activities and to ensure the security and safety of our Client’s trading
Company and by using the Company’s products and services, the Client confirms
and agrees that he/she consents to the use of all or part of the information he/she
supplies concerning his/her trading account, the transactions he/she undertakes
through it and the dealings which they perform with the Company. All interactions
and dealings that the Client undertakes with the Company will be kept by the
Company for the purposes of record keeping, as required by the Law and may be
employed by the Company in cases that disputes arise between the Client and the
Company or on request by CySEC or any other competent authority.
7.8. If the Client is registering as a legal entity then he/she hereby declares that has the
authority to bind that entity to the Service Agreement. The Company will treat with
care the information the Client entrusts to the Company, in accordance with the
7.9. The Client assumes full responsibility in relation to any investment strategy,
transaction or investment, tax costs, and for any consequences brought by from any
transaction that he/she performs and acknowledges and accepts that the Company
shall not be held responsible and accepts that he will not rely on the Company for the
7.10. The Company’s operating hours are from 06:00 am GMT on Monday to 3:00 pm
GMT on Friday, excluding official public holidays as announced from time to time.
The Company reserves the right to suspend or modify the operating hours on its own
discretion and on such event its websites will be updated without delay in order for
the Customer to be informed accordingly. The Company has the right to refuse the
provision of any investment and/or ancillary service to the Client, at any time,
without being obliged to inform the Client of the reasons why in order to protect the
lawful interests of both the Customer and the Company.
7.11. From time to time the Company may contact the Client whether by phone or email
or by any form of communication means for the purpose of offering them further
information about the Company, FX and CFD’s trading / financial markets trading.
7.12. The Company may, at its sole discretion, arrange for any Transaction to be effected
with or through the agency of an intermediate broker, who may be an associate of the
Company, and may not be in Cyprus. Neither the Company nor its respective
director, officers, employees or agents will be held liable to the Client for any act or
omission of an intermediate broker or agent. No responsibility will be accepted for
intermediate brokers or agents selected by the Client.
7.13. Amongst the other criteria for accepting a prospective Client as the Client of the
Company, the prospective Client has to deposit the minimum initial deposit of Two
Hundred Fifty (250.-) or equivalent or other amount in other currency (according to
the Currency of the Customer Account) as determined by the Company.
7.14. The Client further acknowledges that, irrespective of the choice of the Client during
the registration process with regards to the amount of Leverage for his/her account
(1:25, 1:50 or 1:30), this shall be automatically determined by the Platform and/or
the Company according to the instrument(s) in question, as published by the
Competent Authorities from time to time and/or according to the Company’s policies
8. ASSESSING APPROPRIATENESS
8.1. In accordance with the applicable CySEC rules and regulations, the Company will
perform an Appropriateness and/or Suitability Test in order to assess and determine
whether a prospective Client has the necessary knowledge and/or experience to
understand the risks involved in relation to the Company’s products and/or
investment services offered or demanded in order to enable the Company to act in
the Client’s best interests. To this effect, the Company has implemented a risk
scoring matrix for the determination of the appropriateness and the level of leverage
ratio to be provided to the client according to the results of the test.
8.2. The Company shall collect information, including but not limited, in relation to the
Client’s knowledge and experience, financial situation, source of funds, financial
commitments and investment objectives. The extent of information to be collected
from Clients may vary depending on the Client’s personal circumstances, needs,
specific requirements and nature of investment service/product requested. The
Company shall be entitled to rely on the information provided by its Clients or
potential Clients unless it is aware that the said information is manifestly out of date,
inaccurate or incomplete.
8.3. The Company shall perform the Appropriateness and/or Suitability Test, where
applicable, to assess whether the requested product or investment service is
appropriate for the Client in question and on the basis of the information the Client
has provided to us. As such, the Company has no responsibility whatsoever towards
the Client if the outcome of the assessment is incorrect and/or not reflective of the
Client’s profile. If the Company determines that the requested investment service or
financial instruments is not suitable for the Client’s level of knowledge and/or
experience and the Client wants to proceed to open the account and trade then it’s at
the Company’s sole discretion to accept the opening of the account or to refuse.
8.4. The Company shall be entitled to assume that a Professional Client has the necessary
experience and knowledge in order to understand the risks involved in relation to
those particular investment services or transactions.
8.5. If the Client elects not to provide the Company with the requested information or if
he/she provides us with insufficient information, the Company may be unable to
determine whether the financial instrument or investment service is appropriate for
the Client and may therefore decline the Client’s application to open a Trading
9. CUSTOMER CATEGORISATION
9.1. According to the applicable regulations and based on the information provided by
the Client during the Registration Process, the Company will treat the Client as a
Retail Client, Professional Client or Eligible Counterparty. The method of
categorization is explained in the “Customer Categorization Policy” which can be
found on the Company’s website(s). By accepting this Agreement and consequently
the Service Agreement, the Client accepts the application of the above categorization
and the method used. After the application of the above categorization the Company
will inform the Client about his/her Categorization.
9.2. The Client accepts that when categorizing the Client and dealing with him/her, the
Company will rely on the accuracy, completeness and correctness of the information
provided by the Client and his/her obligation to immediately notify the Company, in
writing, in the event of any modification on his/her information at any time
9.3. The Company shall provide different levels of regulatory protection to each
Customer category and therefore to Clients within each category as explained in the
Company’s “Customer Categorization Policy”. In particular, Retail Clients are
provided with the highest level of regulatory protection; Professional Clients and
Eligible Counterparties are considered to be more experienced and able to assess the
risk level of trading and are thus provided with a lower level of regulatory
9.4. The Client is bound by the method and process of categorization as this is defined
and thoroughly explained in the “Customer Categorization Policy”. Therefore, by
accepting this Client Agreement, the Client accepts the application of the
categorization method as this is defined in the “Customer Categorization Policy”.
9.5. The Client has the right to request a change of category and thus modify the level of
regulatory protection provided to him/her. Such a request has to be made in writing.
Where a Client requests a change of category, he/she needs to meet certain specified
quantitative and qualitative criteria. However, if the above-mentioned criteria are not
met, the Company has the right to choose whether to provide services under the
9.6. It is understood that the Company has the right to review the Client’s Categorization
and change his/her category if this is deemed necessary (subject to Applicable
10.1. Our services are available to and may only be used by individuals or companies who
can form legally binding contracts under the Law applicable to their country of
residence and that they are willing to perform Frequent Trading in Forex, CFD’s or
other financial instruments as it is described in section 4 Definitions and
Interpretation of Terms. Without limiting the foregoing, our Services and/or use of
the trading platform are not available to Employees and Directors of the Company,
to persons who are not of sound mind and/or legal competence, and to persons under
the age of 18 or otherwise under the legal age (“Minors”). If you are a minor, you
may not use this service. For avoidance of doubt, we shall not be responsible for any
unauthorized use by minors of our services in any way or manner. Furthermore, our
services and/or trading platform are available only to and may only be used by
individuals who have sufficient experience and knowledge in financial matters to be
capable of evaluating the merits and risks of acquiring financial contracts via the
Company’s website (s) and have done so without relying on any information
contained on the Company’s website.
The Client accepts and acknowledges that he/she shall bear sole responsibility for any
decision made and/or to be made by the Client relying on the content of the Website.
Without derogating from the above provision, the Company shall not be responsible
for the information provided by the Client during the account opening procedure and
the assessment of appropriateness. The Company shall not be responsible for the
clients who, during the assessment of appropriateness, have failed to pass the
relevant test and, upon acceptance of a risk warning provided by the Company, they
wished to proceed with the activation of the trading account and the performance of
transactions, nor shall the Company be responsible for any damage and/or loss
incurred by the Client due to and/or related to the Website, transactions carried out
by the Client and/or the Client’s use of the Services. The offering of FX and CFDs
on various underlying financial and other assets may not be legal in some
jurisdictions. The Client understands and accepts that the Company is unable to
provide him/her with any legal advice or assurances in respect of his/her use of the
Services and the Company makes no representations whatsoever as to the legality of
the Services in the Client’s jurisdiction. Our Services and/or Trading Platform are
not available where they are illegal to use, and the Company reserves the right to
refuse and/or cancel services to anyone at its own discretion. For avoidance of doubt,
the ability to access our Website does not necessarily mean that our services, and/or
the Client’s activities through it, are legal under the laws, regulations or directives
relevant to his/her country of residency.
11. ELECTRONIC TRADING AND USE OF THE COMPANY’S TRADING PLATFORM
11.1. Upon approval of the Client by the Company and acceptance from the Client of this
Service Agreement the Client can use the Company’s online trading platform,
which is available on the Company’s website, and receive the access codes which
will enable the Client to log in and enter into transactions with the Company.
11.2. The Client is responsible for any instructions/transactions received/entered through
the trading platform, either from the Client directly or through an authorized
11.3. The Client agrees and accepts 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. Moreover, the Client agrees to follow the access procedure (Login)
of the Company that supports such protocols.
11.4. The Company will not be held responsible in the event of an unauthorized access
from third persons to information including, but not limited to, electronic addresses
and/or personal data, through the exchange of these data between the Client and the
Company and/or any other party using the Internet or other network or electronic
means available. The Client is solely responsible for ensuring that he/she alone has
access to his/her account credentials and that no other person is granted access.
11.5. The Client acknowledges that the Company has the right, unilaterally and with
immediate effect, to suspend, withdraw, restrict, modify or even terminate the
Client’s access to the Company’s electronic systems and/or trading platform if it’s
deemed necessary. This measure is in force to ensure the unobstructed function of
the electronic systems for trading and the protection of the interest of both the
Client’s and the Company’s and may applied where the Company considers it
necessary or advisable to do so, for example due to Client’s non-compliance with the
Applicable Regulations, breach of any provisions of this Agreement, on the
occurrence of an Event of Default, network problems, failure of power supply, for
maintenance, or to protect the Client when there has been a breach of security. In
addition, the use of an Electronic Service may be terminated automatically, upon the
termination (for whatever reason) of any license granted to the Company which
relates to the Electronic Service; or this Agreement. The use of an Electronic Service
may be terminated immediately if an Electronic Service is withdrawn by any Market
or the Company is required to withdraw the facility to comply with Applicable
11.6. The Client remains fully liable for any and all positions traded on his/her account,
and for any credit card transactions entered into the website for his/her account. The
Client agrees to indemnify the Company fully in respect to all costs and losses
whatsoever as may be incurred by the Company as a result, direct or indirect, of the
Client’s failure to perform or settle such a transaction. The Client further agrees that
in the case that any CFDs/ Forex and/or other financial instrument is acquired or sold
at prices that do not reflect its market prices, or that is acquired or sold at an
abnormally low level of risk (the “mispricing”) due to an undetected programming
error, bug, defect, error or glitch in the Company’s website software or any other
reason resulting in mispricing (for the purpose of this section the “error”), the
Company reserves the right to cancel such transactions upon notifying the Client of
the nature of the computer error that led to the mispricing.
11.7. The Client’s access codes, transaction activities and all other related information
must remain confidential at all times and the Company does not bear any
responsibility of any financial loss that might arise should the Client disclose his/her
access codes to an unauthorized third party. The Client is responsible for all acts or
omissions that occur on his/her Trading Account and/or Trading Platform through
the use of his/her access codes. Accordingly, the Client will be liable for any orders
received by the Company via his/her Trading Account and/or placed on the Trading
Platform using his/her Access Codes. Any orders received by the Company will be
considered as received from the Client.
11.8. The Client shall inform in writing the Company immediately in the case where
his/her the access codes have been lost and / or used by another party without his/her
11.9. In cases where there is a disruption in the electronic trading and the Client is not able
to access the online trading platform (internet, electricity or platform caused delay)
the Client must contact the Company either though telephone or email to request an
approval for the placement of a verbal instruction. The Company may, in certain
circumstances, accept instructions, by telephone via the Company’s Dealing Room
but the Client understands and accepts that is at the sole discretion of the Company
to accept any transaction through the telephone and that the decision of the Company
on this matter is final. The Client also understands that if the instructions are not
clear or his/her identity cannot be verified or if the transaction is complicated or if
the quality of the communication line is poor, the Company reserves the right to
decline any verbal instructions and/or ask the Client to give instructions by other
means that it deems appropriate by the company. In addition, the Client must
acknowledge that in circumstances of large transaction flow (important market news
announcement) there might be also some delay to respond to his/her request to
accept any verbal instruction. The Company is not responsible for any power cuts or
failures that prevent the use of the Company’s system(s) and/or the Trading Platform
and cannot be responsible for not fulfilling any obligations under this Agreement
because of network connection or electricity failures.
11.10. The Company shall be responsible to maintain and update its electronic systems at
all times and therefore the Client must accept the need for periodic maintenance to
ensure the effective operation of the trading platform and that the Company does not
bear any responsibility for any loss incurred during maintenance.
11.11. The Company shall not be accountable for any loss or damages that might incur to
the equipment or software due to viruses, malfunctions or defects of its electronic
systems. Moreover, the Company shall have no liability for any delays, inaccuracies
or potential damage the Client may suffer as a result of transmission errors, technical
faults, malfunctions, illegal intervention in network equipment, network overloads,
viruses, system errors, delays in execution, malicious blocking of access by third
parties, internet malfunctions, interruptions or other deficiencies on the part of
internet service providers or in general due to any cause beyond the reasonable
control of the Company. The Client acknowledges that access to electronic
systems/trading platforms may be limited or unavailable due to such system errors,
and that the Company reserves its right upon notifying the Client to suspend access
to electronic systems / trading platforms for these reasons.
12. CUSTOMER INSTRUCTIONS AND ORDERS
12.1. The Client shall provide instructions to the Company through the trading platform
or other electronic means as determined in the Client Agreement. The Client
accepts that the Company has the right to partially carry out his/her instructions.
12.2. The Client acknowledges that the Company enters into transactions with the Client
as the principal counterparty and not as an agent despite the fact that the Company
may transmit orders to Liquidity Providers/Market Makers for execution.
12.3. The Client shall be able to open positions and/or close existing positions through
the Company’s trading platform and/or place orders with the Company’s Dealing
Room Department on any type of Forex, CFD or any other financial instrument
offered by the Company.
12.4. The Client’s orders are executed at the Bid and Ask prices of the available current
market prices that the Company offers through its Liquidity Providers/ Market
Makers. For instant execution orders the Client places his/her order based on the
current prices displayed in his/her terminal and/or the Company’s Trading Platform
and the execution process is triggered. The Client acknowledges and accepts that
due to the high volatility of the market and/or poor or low internet connectivity
between the Client’s terminal and the Company’s server, the prices requested by
the Client and the current market price may change, in the period between the
Client placing his/her order with the Company and the time the order is executed.
Moreover, the Client acknowledges that in the case of any communication and/or
technical error/failure that affects the quoted prices (i.e. prices freeze or stop
updating or price spikes), the Company reserves the right not to execute an order
or, in cases in which the order was executed, to change the opening and/or closing
price of a particular order or to cancel the said executed order.
12.5. The Company may, in certain circumstances, accept instructions, by telephone via
the Company’s Dealing Room, provided that the Company is satisfied, at its full
discretion, of the Client’s identity and the Company is further also satisfied with
the clarity of instructions. The Client understands and accepts that is at the sole
discretion of the Company to accept transactions through the telephone and that the
Company’s decision on this matter is final. In case of an Order received by the
Company in any means other than through the Trading Platform, the Order will be
transmitted by the Company to the Trading Platform and processed as if it was
received through the Trading Platform. It is understood that an Order will not be
considered until it is actually considered received by the Company. It is noted that
in this Agreement, instructions and orders have the same meaning. In the event that
the Company wishes to confirm in any manner any instructions and/or Orders
and/or communications sent through the telephone, it reserves the right to do so.
The Client accepts that there is a risk of misinterpretation or mistakes in the
instructions or Orders sent through the telephone, regardless of what caused them,
including, among others, technical failures. The Client acknowledges that the
Company will keep records of all telephone transactions without any prior written
consent in order to ensure that all relevant information being transmitted via
telephone is properly recorded. The records kept are the Company’s property and
may be used by the Company when deemed appropriate as evidence for the
Client’s instructions and/or transactions.
12.6. In the case of the materialization of a corporate action, the Client accepts that the
Company has the right to proceed to alterations to the value and/or size of a
transaction. An alteration would be made to maintain the economic equivalent of
the rights and obligations of the parties of that transaction prior to a corporate
action. The alterations are conclusive and binding and the Client will be properly
and promptly informed by the Company.
12.7. Once the Client’s instructions or Orders are received by the Company, they cannot
be revoked, except with the Company’s written consent which may be given at the
Company’s sole and absolute discretion. The Company reserves its right not to
accept Client’s Orders, in its absolute discretion, and in such a case the Company
shall not be obliged to give a reason but it shall promptly notify the Client
12.8. The Company reserves the right of partial execution of orders in cases where the
volume of the Client’s order and/or the market conditions, dictate such action. In
the case where any underlying asset of a financial instrument is subject to a specific
risk resulting in a financial loss, then the Company has the right to restrict short
selling or even remove the aforementioned financial instrument from the trading
platform. There also may be restrictions on the number of Transactions that the
Client can enter into on any day and also in terms of the total value of those
Transactions when using an Electronic Service. The Client acknowledges that some
Markets place restrictions on the types of orders that can be directly transmitted to
their electronic trading systems. These types of orders are sometimes described as
synthetic orders. The transmission of synthetic orders to the Market is dependent
upon the accurate and timely receipt of prices or quotes from the relevant Market or
market data provider. The Client acknowledges that a Market may cancel a
synthetic order when upgrading its systems, trading screens may drop the record of
such an order, and the Client enters such orders at his own risk. The Client shall
refer to the Company’s website for details of the restrictions/limits imposed on
Transactions performed through its electronic systems and/or trading platforms.
12.9. The Company has the right to change the spreads of financial instruments
depending on market conditions and the size of the Client’s order. In addition, the
Company has the right to alter the level of the swap rate applied to each type of
financial instrument at any given time and the Client understands that in such a
case he/she will be informed by the Company’s website. The Client further
acknowledges that he/she is responsible for reviewing the contracts specifications
located on the Main Website for being updated on the level of Swap rate prior to
placing any order with the Company.
12.10. The Company uses its reasonable endeavors to execute any order promptly, but in
accepting the Client’s orders the Company does not represent or warrant that it will
be possible to execute such order or that execution will be possible according to the
Client’s instructions. In case the Company encounters any material difficulty in
carrying out an order on the Client’s behalf, for example in case the market is
closed and/or due to illiquidity in financial instruments and other market
conditions, the Company shall promptly notify the Client.
12.11. Orders can be placed, executed, cancelled or rolled over or removed only within
the operating (trading) time and can remain effective through the next trading
session and or until expiration. The Client’s Order shall be valid and in accordance
with the type and time of the given Order, as specified.
12.12. The Company may require the Client to limit the number of open positions which
the Client may have with the Company at any time and the Company may in its
sole discretion close out any or more Transactions in order to ensure that such
position limits are maintained. The position limits will be notified in advance to the
Client either through the Company’s website or trading platform(s).
12.13. If any underlying asset of the Forex, CFD or any other Financial Instrument
becomes subject to a specific risk resulting in a predicted fall in value, the
Company reserves the right to withdraw the specific Forex, CFD or financial
instrument from the Company’s trading platform.
The Company has the right to set control limits to the Client’s orders at its own discretion.
Such limits may be amended, removed or added and may include without
a. Controls over maximum order amount and size;
b. Controls over the electronic systems and/or trading platforms to verify for
example the Client’s identity during the receipt of the order; or
c. any other limits, parameters or controls which the Company may deem
required to be implemented in accordance with Applicable Regulations.
12.14. Confirmations for all Transactions that have been executed in the Client’s Trading
Account on a trading day will be available via the Client’s online Trading
Account through the Trading Platform as soon as the transaction is executed. It is
the Client’s responsibility to notify the Company if any confirmations are
incorrect. Confirmations shall, in the absence of manifest error, be conclusive and
binding on the Client, unless the Client places his/her objection in writing within
two (2) days. The Client might request to receive the Account statement monthly
or quarterly via email, by providing such a request to the customer support
department, but the Company is not obliged to provide the Client with the paper
Account statement. The Account statement is provided at the expense of the
12.15. “Manifest Error” means a manifest or obvious misquote by the Company, or any
market, liquidity provider or official price source on which the Company has
relied in connection with any Transaction, having regard to the current market
conditions at the time an order is placed as the Company may reasonably
determine. When determining whether a situation amounts to a Manifest Error,
the Company may take into account any information in its possession, including
information concerning all relevant market conditions and any error in, or lack of
clarity of, any information source or announcement. The Company will, when
making a determination as to whether a situation amounts to a Manifest Error, act
fairly towards the Client but the fact that the Client may have entered into, or
refrained from entering into, a corresponding financial commitment, contract or
Transaction in reliance on an order placed with the Company (or that the Client
has suffered or may suffer any loss) will not be taken into account by the
Company in determining whether there has been a Manifest Error.
12.16. In respect of any Manifest Error, the Company may (but will not be obliged to):
a) amend the details of each affected Transaction to reflect what the Company
may reasonably determine to be the correct or fair terms of such
Transaction absent such Manifest Error; or
b) declare any or all affected Transactions void, in which case all such
Transactions will be deemed not to have been entered into.
12.17. The Company will not be liable to the Client for any loss (including any loss of
profits, income or opportunity) the Client or any other person may suffer or incur
as a result of or in connection with any Manifest Error (including any Manifest
Error by the Company) or the Company’s decision to maintain, amend or declare
void any affected Transaction, except to the extent that such Manifest Error
resulted from the Company’s own willful default or fraud, as determined by a
competent court in a final, non-appealable judgment.
12.18. The Client acknowledges that all orders are executed by the Company as a
regulated STP broker on behalf of the Client and that all orders are executed in a
non-regulated market and/or Over the Counter.
12.19. The process followed for the execution of Client orders is described in the
Company’s Order Execution and Best Interest Policy which can be found on the
company’s website (s). The Client acknowledges and accepts that he/she has read
and accepted all information provided in the Order Execution and Best Interest
Policy as this information is provided to the Client during the account opening
12.20. Abusive Trading: if the Company reasonably suspects that the Client performed
abusive trading, it may in its absolute and sole discretion, at any time and without
any prior written notice, take one or more of the following actions:
(a) terminate the Service Agreement and the Client Agreement;
(b) block the Client’s access to the Trading Platform and/or Trading Account;
(c) suspend, prohibit or restrict the Client’s trading activities or any other
(d) cancel any open positions;
(e) reject, decline or refuse to transmit or execute a Client Order;
(f) reverse the funds back to their originating source or to the real beneficial
(g) cancel or reverse the profits gained through abusive trading;
(h) take legal action to recover any losses suffered by the Company;
12.21. Opening and Closing Orders/Transactions
12.21.1. In order to open a Transaction in an FX and/or CFD on the Trading Platform,
you must either open a Buy or a Sell, at the price quoted by the Trading
Platform at the time of such Transaction. In order to close a Transaction, you
must either offer to sell (in the case of a Buy), or purchase (in the case of a
Sell), the Underlying Asset covered by such open Transaction, at the price
quoted by the Trading Platform at the time of such closing offer. Full details of
our Order Execution Policy please visit the Company’s Website (s).
12.21.2 On the Trading Platform, the Client shall be entitled to make an offer to open a
Transaction at the best available rate on the Trading Platform (“Market Order”)
at the time of opening such a Transaction, unless he/she specify a particular
price in which to make an offer to open a Transaction (“Limit Order”). With
respect to a Market Order or a Limit order, the price at which a Transaction is
completed may not always be at the exact rate displayed when the order is
submitted. The Client agrees that his/her offer to open a Market Order or a
Limit Order may be accepted at a lower price or higher price than the price
indicated by the Client in his/her Market Order or Limit Order, within a certain
range as specified on the Trading Platform under specific market conditions. At
any time prior to acceptance of an order, the Client may cancel such order
without any further liability. If the Client chooses to open a Market Order or
Limit Order, his/her offer will be accepted at the best possible rate offered on
the Trading Platform.
12.21.3. Orders can be placed and (if allowed) changed within the Trading Hours for
each type of FX and CFD appearing on the Company’s Website, as amended by
the Company from time to time, on the Company’s discretion. The Client agrees
that the Order to be opened, if accepted by the Company outside the Trading
Hours may not be capable of execution, should the market not trade at the price
stipulated once Trading Hours commence.
12.21.4. Pending Orders, not executed, shall remain effective through the next trading
session (as applicable). All open spot positions will be rolled over to the next
Business Day at the close of business in the relevant Underlying Market, subject
to the Company’s rights to close the open spot position.
12.21.5. Market Orders not executed due to insufficient equity in the trading account will
not remain effective and will be nulled.
12.21.6. Orders shall be valid in accordance with the type and time of the given Order, as
specified by the Client. If the time of validity of the Order is not specified, it
shall be valid for an indefinite period. However, the Company may delete one or
all pending orders if the Trading Account funds are not sufficient to cover
12.21.7. Stop loss and Take Profit orders may be amended providing they meet
minimum specified level requirements (keep the pending on the trading
12.21.8. The Client may change the expiration date of Pending Orders or delete or
modify a Pending Order before it is executed. In order to change the expiry, the
Client will need to cancel the Order and place a new one.
12.21.9. The Client acknowledges and agrees that due to market volatility affecting both
price and volumes and factors beyond its control, the Company is striving to
execute client orders with the best execution reasonably possibly under the
prevailing market conditions however, the Company cannot guarantee that an
Order will be executed at the level specified in the Client Order. In such an
event, the Company will execute the Client’s Orders (Buy/Sell, Close at a Loss,
Close at a Profit, Stop Loss, Take Profit etc.) at the next best available price.
12.21.10. With respect to a Close at Profit where the price for an Underlying Asset moves
to the Client’s advantage (for example, if the price goes up as the Client Buys or
the price goes down as the Client Sells), the Client agrees that the Company can
pass such price improvement on to the Client.
12.21.11. In the event that the Company is unable to proceed with an Order, with regard
to price or size or other reason, the Company will not send a re-quote to the
Client (with the price it is willing to deal until the price the Client asks is
available). The Order will be rejected and the Client will need to place another
12.22. Stop and Limits
12.22.1. The Company may, in its sole discretion, allow the Client to specify a closing
price for a Transaction through a “Close at Loss” and “Close at Profit” order,
subject always to the terms of the Client Agreement and any other terms and
conditions the Company may implement from time to time.
12.22.2. Upon the Client’s offer and our acceptance of the Client’s Order, the Client
hereby authorizes the Company to close the Transaction at the “Close at Loss”
price or “Close at Profit” price, as applicable, and as agreed in the Order,
without further instruction from or notification to the Client. The Company
may, in its sole discretion, close the Transaction when the price quoted by us on
the Trading Platform equals or exceeds the price accepted by us for such an
12.22.3. The Company may, in its sole discretion, allow the Client to request the opening
or closing of a Transaction, including a “Close at Loss” and “Close at Profit”
Order, within a specific time period determined by the Client. If the Company
has accepted such a request, it may in its sole discretion, close the Transaction
within such specific time period. The Client acknowledges and agrees that the
Company shall not be obliged to close such a Transaction outside such specific
time period or which does not otherwise comply with any other limitations
agreed upon with respect to such Transaction.
12.22.4. The Company may, in its sole discretion, accept an offer to place a Trailing
Stop in relation to a “Close at Loss”. The Client acknowledges that the original
price level set forth in a “Close at Loss” may be amended as the market on the
Trading Platform moves in the Client’s favor. Whilst the Client’s Trailing Stop
“Close at Loss” is still in effect, the Client agrees that each change in the market
by at least one hundredth of a percentage point (referred to as “Pips” on the
Trading Platform) in his/her favor shall constitute a new offer by the Client to
raise the level of his/her trailing “Close at Loss” by one hundredth of one
percentage point. Changes in a Pip will be rounded to the nearest absolute value
in the Client’s base currency based on the Client’s account type, as shall be
specified on the Trading Platform.
12.22.5. The Client agrees that placing a “Stop Loss” Order will not necessarily limit
losses to the intended amounts due to the prevailing market conditions which
may render it impossible to execute such an Order at the stipulated price and the
Company bears no responsibility whatsoever.
12.22.6. The Client agrees that trading operations using additional functions of the Client
Trading Terminal such as Trailing Stop and/or Expert Advisor are executed
completely under the Client’s responsibility, as they depend directly on his/her
trading terminal and the Company bears no responsibility whatsoever. In case of
any difficulties with Expert Advisors, it is suggested to contact Expert Advisor
12.23.1. Any Open Transactions held by the Client at the end of the trading day of the
Underlying Market or over the weekend when the relevant Underlying Market
is closed, shall automatically be rolled over to the next business day to avoid an
automatic close and physical settlement of the Transaction. The Client
acknowledges that when rolling such Transactions to the next business day, a
Swap will be either added or subtracted from his/her Trading Account with
respect to such Transaction (“Rolling”). The Swap amount is a constant
percentage of the position value and is based on a number of factors including
among others, whether the Transaction is a Buy or a Sell, interest rates,
Underlying Asset differentials, daily price fluctuations and other economic and
market related factors. The Swap for each Asset /Underlying Asset is displayed
for each specific Asset / Underlying Asset on the Trading Platform and/or the
Company’s website and is subject to amendments.
12.23.2. In deciding whether to open a Transaction for a specific Underlying Asset, the
Client acknowledges that he/she is aware of the Swap.
12.23.3. The Company reserves the right in its discretion to disable and/or enable trading
without a Swap rate charge (“swap free trading”) for Client’s trading account at
any given time. Without prejudice to the generality of the foregoing the imposition
of a Swap rate charge can occur if the Client abuses the Company’s trading
conditions/systems or where the Client’s trading strategy imposes a threat to the
Trading Platform or where the Company deems necessary in order to protect the
smooth operation of its Trading Platform.
12.24. Expiry Transactions
12.24.1. The Client acknowledge that certain Financial Instruments have a set Expiry
Date and time.
12.24.2. In the event that an Expiry Date for a specific Underlying Asset is set, it will be
displayed on the Trading Platform/website for each Underlying Asset. It is the
Client’s responsibility to make himself aware of the Expiry Date and time.
12.24.3. If the Client does not close an open Transaction with respect to an Underlying
Asset which has an Expiry Date, prior to such Expiry Date, the Transaction
shall automatically close upon the Expiry Date. The Transaction shall close at a
price which will be the last price quoted on the Trading Platform immediately
prior to the applicable Expiry Date and time.
12.24.4. Spreads: All FX and CFDs available with the Company have spreads which
appear on the Trading Platform and/or the Website. The Company has the right
to amend its spreads in its discretion from time to time. Such changes shall be
effected on the Trading Platform and/or the Website and the Client is
responsible to check for updates regularly. Spreads may increase during
abnormal market conditions.
12.25. Corporate Actions: If any Financial Instrument Reference Asset which is a
security, becomes subject to possible adjustments as a result of any of the events
set out in paragraph 12.26 (referred to as “Corporate Event”), the Company will
determine the appropriate adjustment, if any, to be made to the opening/closing
price, size, value and/or quantity of the corresponding transaction (and also the
level or size of the corresponding orders). This action is made in order to:
(i) account for the diluting or concentrating effect necessary to preserve the
economic equivalent of the rights and obligations of the parties under that
transaction immediately prior to that Corporate Event, and/or
(ii) replicate the effect of the Corporate Event upon someone with an interest in the
relevant underlying Reference Asset security, to be effective from the date
determined by the Company
12.26. . The events to which paragraph 12.25 refers to are any of the following, by the
declaration of the issuer of a security:
a) a subdivision, consolidation or reclassification of shares, a share buy-back or
cancellation, or a free distribution of bonus shares to existing shareholders,
capitalization or share split or reverse share split or similar event;
b) a distribution to existing holders of the shares or additional shares, other share
capital or securities, granting the right to payment of dividends and/or proceeds
from the liquidation of the issuer equally proportionate to such payments to
holders of the underlying shares, securities, or warrants granting the right to
receive or purchase shares for less than the current market price per share;
c) any other event regarding shares analogous to any of the above events or
otherwise having a diluting or concentrating effect on the market value of shares;
d) any event analogous to any of the above events or otherwise having a diluting or
concentrating effect on the market value of any security not based on shares;
e) any event which is caused by a merger offer made regarding the Company of the
f) earnings announcements.
12.27. If any Financial Instrument Reference Asset which is a security becomes subject to a
specific risk resulting in a predicted fall in value, the Company reserves the right to
restrict short selling or even withdraw the specific Financial Instrument from the
12.28. Determination of any adjustment or amendment to the opening/closing price, size,
value and/or quantity of the Transaction (and/or the level or size of any order) shall
be at the Company’s sole discretion and shall be conclusive and binding upon the
Client. The Company shall inform the Client of any adjustment or amendment via its
internal mail as soon as is reasonably practicable.
12.29. In the case where the Client has any open positions on the ex-dividend day for any of
the Financial Instrument Reference Assets, the Company has the right to close such
positions at the last price of the previous trading day and open the equivalent volume
of the underlying Financial Instrument at the first available price on the ex-dividend
day. In this case, the Company will inform the Client via the internal mail of the said
adjustment and no Client consent will be required. In the case where the Company’s
Risk Management believes the Client is deliberately attempting to take advantage of
the fact that shares in a particular Spot Index going ex-dividend, the Company
reserves the right to apply a dividend adjustment. In the case of short positions, the
dividend adjustment will be debited from the clients’ account where dividend
adjustment will be equal to Index Dividend declared x position size in Lots.
13. REFUSAL TO EXECUTE ORDERS
13.1. The Client accepts that the Company reserves the right, at any time, to refuse the
provision of any investment and/or ancillary services, at any time, including but not
limited to the execution of instructions for trading any type of Forex, CFD or any
other financial instruments offered by the Company, without prior notice to the
Client. The circumstances under which the Company shall proceed to the above
actions are the following:
i. If the Client has insufficient funds in his/her account to place the order
(together with the respective fees, charges and commissions necessary to
carry out the transaction);
ii. If the order affects, in any manner, the reliability, efficiency, smooth or
orderly function of the market;
iii. If the order aims at manipulating the market of the underlying financial
iv. If the order constitutes the exploitation of confidential information;
v. If the order affects, in any manner, the reliability, efficiency, smooth or
orderly operation of the trading platform; and
vi. If the order contributes to the legalization of proceeds from illegal activities
such as money laundering, terrorist financing, fraud and/or any other illegal
vii. If the order is a result of the use of inside information (insider trading).
13.2. Internet, connectivity, delays and price feed errors sometimes create a situation
where there is price latency on the Electronic Systems such that there is a disparity
between the Company quoted prices and current market prices for short periods.
Client expressly acknowledges and agrees that it shall not execute Transactions with
the Company that rely on price latency arbitrage opportunities either by using
additional functionalities/plug-ins (i.e. Expert Adviser, etc.) or by any other means.
If the Client acts in contravention of this clause, the Company has the right to:
(i)make corrections or adjustments to the relevant Transaction execution prices to
reflect what would have occurred had there been no price latency arbitrage; and/or
(ii) cancel all the relevant Transactions; and/or
(iii) terminate without notice the Client’s Account with the Company; and/or
(iv) charge an administration fee equal to 10% of the deposited funds, with the
maximum charge set at Euro 200 or deposit currency equivalent. Conditional upon a
client informing the Company in advance of linked trading accounts with the
Company to be used for a hedging strategy within those accounts (i.e. mirror
accounts) the Company will not consider hedging activity in those mirror accounts as
an abusive trading strategy.
13.3. The Client understands that any act of refusal by the Company for the execution of
any order will not affect any obligation of the Client towards the Company under the
Service Agreement. In the event that the Company does refuse to execute an order,
such refusal 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/her
assets. If the order is a result of the use of inside confidential information (insider
trading) it is understood that any refusal by the Company to execute any order shall
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/her assets. The Client
also declares that he/she shall not knowingly give any Order or instruction to the
Company that might instigate the Company taking action in accordance with
Paragraph 13.1. above.
14. CANCELLATION OF TRANSACTIONS
14.1. The Company has the right to cancel a transaction if it has adequate reasons and/or
evidence to believe that one of the following has incurred:
i. Fraud / illegal actions led to the transaction,
ii. Orders placed on prices that have been displayed as a result of system errors or
systems malfunctions either of those of the Company or of its third-party service
iii. The Company has not acted upon the Client’s instructions.
iv. The Transaction has been performed in violation to the provisions of this
14.2. The Company reserves the right to cancel executed trades if the trade cancellation
feature is abused. An acceptable rate of cancellation is 1 cancelled trade per 10
executed trades. A rate of cancellation higher than 1 cancelled trade per 10 executed
trades will be considered abuse of the cancellation feature.
15. OUR RIGHT TO FORCE CLOSE
15.1. The Client acknowledges that the Company has the right, at its sole discretion, to
immediately close any of his/her open transactions, whether at a loss or a profit, and
liquidate the Client’s Trading Account in the following circumstances:
(a) If the quoted prices, as shown on the Trading Platform, change such that the total
difference payable by the Client, pursuant to his/her open transactions, equals or
exceeds the total Margin required to maintain the open transactions;
(b) If the funds in the Client’s Trading Account is equal or less than the total Margin
required to maintain the Client’s open transactions;
(c) If the Company receives a charge-back from your credit card issuer or with
respect to any other payment method, for any reason.
15.2. The exercise of our right to force close will not result in the immediate termination
of your Trading Account or the Service Agreement, unless the Company notifies you
of such in writing.
15.3. Notwithstanding the foregoing, if the quoted prices, as shown on the Trading
Platform, move against the price of your open transactions we may, without
obligation or liability, request the Client to increase the funds in his/her Trading
Account, within a specified period of time, to cover the difference and/or meet the
Margin requirements for the purpose of keeping a transaction open. If the Client fails
to comply with the Company’s request for additional funds, we may exercise our
right to force close. It is the Client’s responsibility to monitor, at all times, the
amount of funds in his/her Trading Account against the amount of Margin required
as a result of the Client’s trading decisions.
15.4. The Client acknowledges that trading in certain financial instruments or underlying
assets carries a high degree of risk in becoming volatile very quickly and without
warning. The Client hereby agrees that the Company reserves the right to close all or
any open transaction with respect to any financial instruments or underlying assets
that we determine that are volatile, in our sole discretion, at the quoted price at such
time without notice.
16. ROLLOVER FEATURE
16.1. Rollover occurs when the CFD/ FX/ any other financial instrument, subject to
expiry, is automatically rollover to the next expiry date. For specific types of
financial instruments, there are expiration times and dates as shown on the
Company’s Trading Platform and/or website. In such a case, if the Client does not
close the trade within the specified expiration time/date, he/she authorizes the
Company to close any such transactions at the quoted price at such time without
17. MARGIN REQUIREMENTS
17.1. In order to open a Transaction for an Asset / Underlying Asset, the Client undertakes
to provide the Initial Margin in his/her Trading Account. In order to keep a
Transaction open, the Client undertakes to ensure that the amount in his/her Trading
Account equals the Margin required to maintain the transaction open. The Client
acknowledges that the Margin for each Underlying Asset differs and may be changed
by us in our sole discretion from time to time. Based on the amount of funds that the
Client has in his/her Trading Account, we retain the right to limit the amount and
total number of open Transactions that you may wish to open or currently maintain
on the Trading Platform.
17.2. It is understood that each different type of financial instruments offered by us have
different Margin requirements. It is the Client’s responsibility to ensure that she/he
understands how Margin requirements are calculated.
17.3. Unless a Force Majeure Event has occurred, the Company has the right to change the
Margin requirements, giving to the Client two (2) Business Days Written Notice
prior to these amendments. New Margin Requirements shall be applied for new
positions. The Company has the right to change Margin requirements without prior
notice to the Client in the case of Force Majeure Event. In this situation, the
Company has the right to apply new Margin requirements to the new positions and to
the positions which are already open. All changes shall be effected on the Trading
Platform and/or the Company’s website and the Client is responsible to check for
updates. It is the Client’s responsibility to monitor at all times the amount deposited
in his/her Trading Account against the amount of any Margin required under this
Agreement and any additional margin that may become necessary.
17.4. The Client acknowledges that we may, in our sole discretion, require him/her to take
certain action in his/her Trading Account pursuant to a margin call. A margin call
may be based upon a number of factors, including without limitation, the Client’s
overall position with us, his/her account size/type, the number of open Transactions
he/she has, volume traded, trading history and market conditions.
17.5. The Company shall not have an obligation to make any margin call to the Client but
in the event that it does, or in the event that the Trading Platform warns the Client
that it reached a certain percentage of the Margin in the Trading Account, the Client
should take any of the following action to deal with the situation:
(a) Limit his/her exposure (by closing trades); or
(b) Deposit sufficient funds in his Trading Account to meet the required Margin.
17.6. In the event that the existing or deposited Margin in the Client’s Account is not
sufficient to meet the required Margin rates, as those are determined by the
Company, the Client’s transactions will not be executed. Without prejudice to the
generality of the foregoing, the Company reserves the right to start closing Client’s
open positions starting from the most unprofitable and/or loss making, when the
Margin in the Client’s Account is less than 50% of the Margin Level. In case the
Margin is equal to or less than 20% of the Margin Level requirement, then the
Client’s open positions will be automatically closed, starting from the most
unprofitable during the relevant time market price.
17.7. Failure to meet the Margin Requirement at any time or failure to make a Margin
payment when due may result in force closure (as outlined in paragraph 15 above) of
the Client’s open positions without further notice to the Client. Margin shall be paid
in monetary funds in the balance currency of the Client Account.
17.8. If you have more than one Trading Account with us, each Trading Account will be
treated entirely separately. Therefore, any credit on one Trading Account (including
amounts deposited as margin) will not discharge the Client’s liabilities in respect of
any other Trading Account. It is your responsibility to ensure the required level of
margin is in place for each Trading Account separately.
17.9. The Client acknowledges that the Margin Call is set to 100% and the Stop Out to
50%. The Client further acknowledges that the Company may change at its
discretion the Margin Call, Stop Out based on regulation and/or according to the
Company’s Policies and Procedures as this may take place from time to time.
18. SETTLEMENT OF TRANSACTIONS
18.1. The Company shall proceed to a settlement of all transactions upon execution of
such transactions. Acquisition of a Forex, CFD or other financial instruments is
completed when the Forex, CFD or financial instrument payment was verified and
the relevant swap and other charges have been calculated.
18.2. The Client agrees to be fully and personally liable for the due settlement of every
transaction entered into under his/her Trading Account with the Company. Any
confirmation or proof for any act or statement of Account 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 statement of
Account or certification and the said objection is communicated in writing and
received by the Company within two calendar days from the receipt of the deemed
date of receipt of any statement of Account or certification.
19. HANDLING OF CLIENTS FUNDS
19.1. When holding Client’s funds, the Company shall place the Client’s funds into one
or more bank accounts and take every possible action to ensure that the Client’s
funds are safeguarded. Such funds will be held in designated bank accounts and
the Company shall keep separate accounting records of the Client’s funds and its
own funds and shall be able to promptly distinguish funds held for different
Clients of the Company. Further to this Agreement and the terms and conditions
of business, the Client acknowledges and accepts that he/she has read, understood
and accepted the company’s Deposit and Withdrawal Policy which can be found
on the Company’s website.
19.2. Funds belonging to the Client and that will be used for trading purposes will be
kept in an account with any bank or financial institution licensed to accept funds
which the Company will specify from time to time to the Client and will be held
in the Company’s name in a properly denoted as Client bank account. It is
understood that the Company may hold funds on behalf of the Client in a
bank/credit institution established outside the European Union. The Company
shall ensure that the same or equivalent legal and regulatory regime as the one of
the European credit institutions shall apply to the bank accounts held with the
non-EU credit institutions and shall ensure the same level of protection as to the
Clients’ bank accounts held with the relevant credit institutions. The Company
will not be liable for the insolvency, acts or omissions of any third party referred
to in this clause.
19.3. The financial/credit institution or third party to which the Company will place
Client funds, may hold Client funds in an omnibus account and it may not be
possible to separate the Client’s funds from the funds of other Clients or the third
party’s funds. In the event of insolvency, winding-up, bankruptcy or any other
analogous proceedings in relation to the financial/credit institution or the third
party, the Company may only have an unsecured claim against them on behalf of
the Client and the Client will be exposed to the risk that the funds received by the
Company from the financial/credit institution or the third party is insufficient to
satisfy the Client’s claims in respect of that bank account. The Company will not
be liable or responsible for any resulting losses.
19.4. Upon accepting this Agreement, the Client authorizes the Company to make any
deposits and withdrawals from his/her Bank Account on his/her 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 the behalf of the Client to the Company or any other
19.5. Client’s fund transfer requests will be performed from the Company’s official
website. The Fund transfer requests are processed within the time period
specified on the Company’s Deposit and Withdrawal Policy and/or on the
Company’s official website. The Company accepts no liability for bank charges
and/or clearing costs by Payment Service Providers. The Client acknowledges
that on the Company’s website the charges, fees and costs for the transfer of
funds to his/her account can be reviewed and the Company shall take every effort
to notify Clients prior to any fund transfer request, of all charges, fees and costs
for the said fund transfer.
19.6. The Client acknowledges and agrees that the Company retains the right to set off
and may, at its discretion, from time to time and without the Client’s
authorization, set-off any amounts held on behalf and/or to the credit of the
Client against the Client’s obligation to the Company including but not limited
for charges, fees, expenses and handling fees charged or incurred by the
Company on behalf of the Client.
19.7. Unless otherwise agreed in writing between the Company and the Client, this
Agreement shall not give rise to rights of any credit facilities. The Client has the
right to withdraw only funds which are not used for margin coverage /
requirement and that are free from any obligations towards the company.
19.8. The Client accepts to clearly denote all the required information on any payment
document that the Company may request (funds/ deposit/ withdrawal/ transfer) and
to comply with the international regulations against fraud and money laundering.
The Company shall not accept any payment made by a third party on behalf of the
Client without its prior written approval together with the relevant identification
documents of the third person as per the Company’s ‘Client Acceptance Policy’.
19.9. The Client agrees that any amount of funds transferred by the Client from his/her
bank account/ Credit and or other Card / e-Wallet will be deposited to his/her
trading account at the value date of the payment received in the Company’s
Client’s account and the amount will be net of any charges/fees charged by the
Bank Account and/or other providers and/or any other intermediary
Bank/Financial Institution involved in the process of his/her
transaction/remittance. In order for the Company to accept any deposits by the
Client, the identification of the sender must be verified and ensure that the person
depositing the funds is the Client. If these conditions are not met, the Company
reserves the right to refund the net amount deposited via the method used by the
19.10. The Company reserves the right to refuse a transfer of funds by the Client or on
behalf of the Client and not to credit his/her trading account in the following cases:
i. If the Company has reasonable suspicion that the person transferring the
funds is not duly authorized;
ii. If the funds are not directly transferred from the Client and a third party
iii. If the transfer is in violation of the Cypriot legislation.
iv. If the identification of the sender is not verified and if the Company
doesn’t ensure that the person depositing the funds is the Client.
In any of the above cases the Company will send back the received funds to the remitter by
the same method as they were received and the Client will suffer with all the relevant
Bank Charges created due to the above transaction
19.11. In any of the cases mentioned in previous paragraphs and paragraph 19.10 the
Company shall return any received funds to the sender with the same method that
they were received and the Client will be charged with the any relevant charges and
fees of the bank or the Merchant provider/ Payment Service Provider.
19.11. In the event that any amount received in the Bank Accounts is reversed by the Bank
Account or the merchant provider at any time and for any reason, the Company will
immediately reverse the affected deposit from the Client’s trading account and
further reserves the right to reverse any other type of transactions effected after the
date of the affected deposit. It is understood that these actions may result in a
negative balance in all or any of the Client’s trading account(s).
19.12. The Client agrees to waive any of his/her rights to receive any profits or interest
earned in the funds held in the Bank Account where Client’s funds are kept and/or
on the deposited funds held by the Company on behalf of the Client and further
acknowledges that the Company will be entitled to act as the beneficiary of such
19.13. The Client shall be entitled to withdraw from his/her account any available funds
that are not used as other obligations or charges or any amounts which require
particular conditions to be fulfilled. The Company reserves the right to decline a
withdrawal request if the request is not in accordance with certain conditions
mentioned in this Agreement or delay the processing of the request it is not
satisfied with the KYC and or other documentation provided by the Client. The
Client acknowledges and accepts that that any incurring bank / merchant fees will
be paid by him/her in case of fund withdrawals from his/her trading account in
order to credit his/her designated bank account. The Client is fully responsible for
the payments details that he/she provided to the Company and the Company
accepts no responsibility if the Client has provided false or inaccurate bank /
19.14. Withdrawals should be made using the same method used by the Client to fund
his/her trading account and to the same remitter. The Company reserves the right to
decline a withdrawal with a specific payment method and to suggest another
payment method where the Client needs to complete a new withdrawal request. In
the event that the Company is not fully satisfied with the documentation provided in
relation to a withdrawal request, the Company can request for additional
documentation and if the request is not satisfied, the Company can reverse the
withdrawal request and deposit the funds back to the Client’s trading account. Fund
transfer requests are processed by the Company within the time period specified on
the Company’s official website and the time needed for crediting into the Client’s
personal account will depend on the client’s recipient Bank and or Merchant
provider. The provision of documentation or any other type of Client authentication
as may be required from time to time by Anti Money Laundering (AML) regulations,
Credit Card companies and the Company is a prerequisite, prior to the execution of
any withdrawal order.
19.15. In cases where the Client requests a withdrawal and he/she is in breach of the
Company’s Terms and Conditions of Business then the Company reserves the right
to impose a maintenance fee of up to 7% of the Client’s deposits (with a monthly
minimum amount of USD 10 Dollars) plus USD 10 per transaction at its sole
discretion. These are the cases of:
i. Dormant Accounts;
ii. Low frequency trading (as explained in detail in paragraphs 20 and 22);
iii. Fraud and/or manipulations and/or unjustified chargebacks performed.
19.16. The Client acknowledges that in case where a Client’s bank account held with the
Company is frozen for any given period and for any given reason the Company
assumes no responsibility and the Client’s funds will also be frozen. Furthermore,
the Client acknowledges that (s)he has read and understood the additional
information provided on each payment method available on the Company’s
19.17. When the Client is depositing funds to his/her account with the Company by using a
Bank Transfer, as required for anti-money-laundering regulations, the Client is
required to use only one bank account, which is in his/her country of residence and
in his/her name. An authentic SWIFT confirmation or Transfer Confirmation,
showing the origin of the funds, must be sent to the Company. Failure to submit such
SWIFT/Confirmation may result in the return of the deposited amount; hence
preventing the deposit of such pending amounts to the Client’s trading account. Any
withdrawal of funds, from the Client’s trading account to a bank account, can only
be refunded to the same bank account that the funds were originally received from.
19.18. The Client acknowledges that the Company from time to time may decide to offer
various base currencies. Currently the Company only offers two base currencies
which are namely USD and EUR, therefore all deposits made in GBP and any other
currency that the Company may decide to accept deposits shall be converted to USD
or EUR as per the client’s choice at the standard rate on the conversion day. The
client shall bear all conversion charges/fees for not depositing funds in the base
currencies offered by the company and acknowledges that his/her deposit may be
debited sums which due to exchange rates and credit card Companies’ fees, may
slightly vary from the initial sum that has been deposited by the Client in the account
base currency. The Client hereby accepts that such variations may occur and he/she
hereby affirms that shall not seek to object or charge this back. When the account
base currency is either USD or EUR and the currency of the Client’s credit/debit
card is the same then the above difference/charges are usually avoided.
19.19. Credit/ Debit card deposits may be, according to credit/debit card companies’
regulations/terms and conditions, returned to the same credit card when a withdrawal
is performed. A withdrawal to credit a bank account where the initial deposits have
been performed by a credit card will be executed back to the credit card or to the
bank account only at the Company’s discretion but in such a case a withdrawal to
credit a bank account may take a longer period, due to additional security procedures
and documentation that will be requested from the Client.
19.20. The Client also acknowledges and accepts that the Company shall proceed with any
withdrawal request upon deduction of any maintenance fee and any other associated
fee. It is also stated that any bank or other processing charges shall be imposed to the
Client as these are determined by the credit and or other institutions from time to
20. FEES, COMMISSIONS, CHARGES AND OTHER ASSOCIATED CHARGES/ COSTS
20.1. Prior to trading in Forex, CFDs or any other financial instruments offered by the
Company, the Client needs to consider any applicable fees, Commission and
associated charges. The provision of Services is subject to the payment of, charges,
commissions and handling fees that the Company is entitled to receive from the
Client for its Services provided as described in this Client Agreement with the
Terms and Conditions of Business, the contract specifications, the Service
Agreement and on the Company’s website. The Company is also entitled to receive
compensation for the expenses it will incur for the obligations it will undertake
during the provision of the said Investment Services in addition to costs, other
commissions, handling fees and charges that may be due by the Client directly to
third parties. The Client is obliged to pay all such costs. The Company reserves the
right to modify, from time to time the size, the amounts and the percentage rates of
its fees providing the Client with a respective notification of such changes
accordingly. Notification can also be made via the Company’s website and relevant
notification to the Client’s e-mail address provided to the Company during
registration process should be sent.
20.2. The Client should note that not all charges are represented in monetary terms.
Certain types of costs may appear as a percentage of the value of a Forex, CFD, or
the type of the financial instrument, therefore the Client has the responsibility to
understand how charges handling fees and any relevant costs are calculated and
20.3. When providing a Service to a Client, the Company may pay or receive fees,
commissions or other non-monetary benefits from third parties or introducing
brokers as far as permitted by the Applicable Regulations. In any case, the Company
shall not deduct any fee from the Client’s balance in order to pay any commission
and/or fee to any Affiliates and/or introducing broker and/or business introducer. It
is stated that the Company shall not pay any fee and/or commission to any of the
aforementioned third parties based on the profit/loss of the Client. To the extent
required by law and/or the Client, the Company will provide information on such
benefits to the Client on request.
20.4. Details of any tax obligations which the Company is required to pay on the Client’s
behalf will be stated to the Client. The Client is also accountable for other taxes
which are not collected by the Company and the Client should seek independent
expert advice if he/she is in any doubt as to whether he may incur any further tax
liabilities. Tax laws are subject to change from time to time. The Company is fully
entitled to debit the account of the Client with the outstanding amount to be settled
(excluding taxes payable by the Company in relation to Company’s income or
profits). In general, the Company does not collect tax on behalf of any authority in
any form or manner. Without limiting the foregoing, it is the Client’s obligation
alone to calculate and pay all taxes applicable to him/her in his/her country of
residence, or otherwise arising as a result of his/her trading activity from the use of
the Company’s Services. Without derogating from his/her sole and entire
responsibility to perform tax payments, the Client agrees that the Company may
deduct tax, as may be required by the applicable law, but is not obligated to do so,
from the results of the activity with the Company. The Client understands that
amounts that may be withdrawn by him/her from his/her account are “gross
amounts”, from which the Company may deduct such taxes, and the Client will
have no claim towards the Company with regard to such deductions.
20.5. The Client is solely responsible for all filings, tax returns and reports on any
transactions which should be made to any relevant authority, whether governmental
or otherwise, and for payment of all taxes (including but not limited to any transfer
or value added taxes), arising out of or in connection with any Transaction.
20.6. The Company may change its costs periodically. The Company will send a
notification to the Client informing him/her of any changes, before they come into
effect. The Company will provide the Client with at least two business days’ notice
of such modification except where such modification is based on a change in
interest rates or tax treatment or it is otherwise impractical for the Company to do
20.7. The Company is eligible to charge the necessary costs for the provision of its
investment services such as custody costs, settlement and exchange fees, regulatory
levies or legal fees which by their nature do not hinder the Company’s duties to act
honestly, fairly and professionally, in accordance with the best interests of its clients.
20.8. Maintenance Fees may apply in cases of breach of the Terms and Conditions of
business. The Company reserves the right to charge a monthly maintenance fee of
US Dollars USD 50. in cases of breach of the Company’s Terms and Conditions of
20.9. Maintenance Fees for Dormant Accounts. Fees are also applied in the case where the
Client has no transactions (trading / withdrawals / deposits), for a period of three (3)
months. In such cases the account shall be classified as dormant and shall be charged
with USD 50 per month for the following twelve (12) months. When an account
reaches the stage where for the next 12 months has no transactions then the
Company retains the right to close such account and the client shall bear all the
20.10. Any charges relating to client withdrawals via the selected payment method shall be
bared by the Client. Withdrawal requests will be processed Monday through Friday
between 8am to 13.00 GMT. Any request received before GMT 10.00 am will be
processed within the same day and requests received after GMT 10.00 am will be
processed the next working day. Once the request has been approved by the
Company, the Client shall allow an additional period of 5 to 7 days before his/her
funds will be shown in the Client’s account due to delays caused by the Banks and
other Payment Providers.
20.11. By accepting the Company’s Terms and Conditions of Business and opening a
trading account the Client has read, understood and accepted the information
presented on the Company’s website that is publicly available for all Clients, in
which all the related information for commission, fees, and costs, handling and
financing fees can be reviewed. The Company may amend from time to time at its
own discretion all such commission, costs, handling and financing fees. The
Company shall notify the Client via e-mail at least 24 hours in advance, with regards
to the updated charges and fees. Upon provision of the e-mail, the Client is deemed
to have seen, reviewed and considered the Company’s commission, charges, costs
and financing fees and any changes that the company may make thereto from time to
20.12 Inducements: The Company, further to the fees and charges paid to or by the Client
or other person on behalf of the Client (as stated in paragraph 20.1. of this
Agreement above), may pay and/or receive fees/commissions to/from third parties,
provided that these benefits are designed to enhance the quality of the offered service
to the Client and any third-party payments, fees or commissions will only be made
where the Company is satisfied that such payments do not impair the Company’s
obligation to act in the best interests of our Client.
20.13. Specifically, it is understood that the Company arranges for the execution of Client
Orders with another entity (the Liquidity Provider/Market Maker) and does not
execute them itself as a principal to principal against the Client. The Client is hereby
informed that the Company will receive fees/commissions as well as other
remuneration from the Liquidity Provider/Market Maker calculated as a percentage
of the volume of orders sent for execution every month. For more details on these
fees/ commissions, the Client may contact the Company and the Company hereby
undertakes to provide the relevant clarifications.
20.14. In addition, the Client agrees that introductory fees may be paid to third parties. The
Company may pay fees/commissions or any other related fee to business introducers,
introducing brokers, affiliates, partners, referring agents or other third parties, based
on a written agreement, as a result of introducing the Client to the Company. The
Company has the obligation and undertakes to disclose to the Client, upon his/her
written request, further details regarding the fees/commissions or any other
remuneration paid by the Company to such third parties.
20.15. The Company shall not be liable for any type of agreement that may exist between
the Client and the introducing broker or affiliate or referring agents or for any
additional costs that may arise as a result of this Agreement.
20.16. The Client hereby acknowledges that business introducers, introducing brokers,
affiliates, partners, referring agents or other third parties are not representatives of
the Company nor are they authorized to provide investment advice or any guarantees
or any promises to Clients with respect to the Company or its products and services.
21.1 The Company will quote prices at which it is prepared to execute for the Client. Save
i. The Company exercises any of its rights to close out a Transaction; or
ii. A Transaction closes automatically; it is Client’s responsibility to decide whether
or not he wishes to deal at the price quoted by the Company.
21.2. Company’s prices are determined based on the prices determined from its Liquidity
Providers/Market Makers in the manner set out in the enclosed terms. Each price
shall be effective and may be used in a dealing instruction prior to the earlier of its
expiration time and the time, if any, at which it is otherwise withdrawn by the
Company. A price may not be used in a dealing instruction after such time. Each
price shall be available for use in a dealing instruction for a transaction with a
principal amount not to exceed a maximum determined by the Company. The Client
acknowledges that these prices and maximum amounts may differ from prices and
maximum amounts provided to other Clients of the Company and may be withdrawn
or changed without notice. The Company may in its sole discretion and without prior
notice to the Client immediately cease the provision of prices in some or all currency
pairs or other financial instrument and for some or all value dates at any time. When
the Company quotes a price, market conditions may move between Company’s
sending of the quote and the time the Client’s order is executed. Such movement
may be in Client’s favor or against it. Prices that may be quoted and/or traded upon,
from time to time, by other market makers or third parties shall not apply to trades
between the Company and the Client.
22. DORMANT ACCOUNT PROCEDURES AND HANDLING FEES
22.1. Client accounts in which there have been no transactions (trading / withdrawals /
deposits), for a period of twelve (12) months, will be considered by the Company as
being dormant accounts. Such twelve (12) month period shall begin from the first
day following the last day of the thirteenth month in which no transaction was
22.2. Dormant accounts will be charged with Dormant Account Annual Fees of USD 50
per month. There will be no charge if the free balance is zero and consequently, all
accounts with a zero balance will be closed and the Clients shall be informed
accordingly via e-mail.
23. INVESTOR COMPENSATION FUND
23.1. The Company is a member of the Investor Compensation Fund (ICF) for Cypriot
Investment Firms; the maximum compensation amount for each Client is €20,000
only or the amount that is set by the ICF from time to time.
23.2. The Client declares that he has read carefully and he completely understands and
accepts the Investor Compensation Fund document in regards to the ICF which can
be found on the Company’s website. If the Client requires any further information,
this can be provided by the Company upon written request.
23.3. Any claims related to trading CFDs in virtual currencies are currently not subject to
the Investor Compensation Fund Scheme.
24. CUSTOMERS COMPLAINTS
24.1. If the Client has any complaint in relation to any of the services provided by the
Company, this complaint should be transmitted through the “Support” section
(button) which can be found on the Company’s website www.TRADEFW.com. All
Clients’ complaints are received by the Back Office as soon as the issue is
submitted by the Client. The Client shall have the right to contact the Compliance
Officer of the Company if the reply from the Back Office is deemed unsatisfactory.
24.2. If the Client wishes to report a complaint, then he must send his/her message to the
Company’s Back Office with the following information included:
● Customer’s name and surname
● Customer’s account number
● Detailed enquiry description and other relevant information
● References of transactions involved in the specific complaint
● Date and time that the concern/problem arisen
● Any attachment that supports his concern/problem.
24.3. If a situation arises which is not expressly covered by the Client Agreement, the
parties shall agree to try to resolve the matter on the basis of good faith and fairness
and by taking the necessary actions which are consistent with the current market
24.4. The Client’s right to take legal action remains unaffected by the existence or use of
any complaints procedures referred to above.
24.5. Information regarding the Company’s Complaints Policy can be found on the Legal
Documents Section of our website.
24.6. Please note that any disputed related to trading CFDs in virtual currencies do not
currently fall under the scope of the Cyprus Financial Ombudsman.
25. PERSONAL DATA AND CONFIDENTIALITY
25.1. The Company may collect Client information directly from the Client (from the
completed online application form or otherwise) or from other persons including,
for example, credit reference agencies, fraud prevention agencies and the providers
of public registers.
25.2. The Company will use, store, process and handle personal information provided by
the Client (in case of a natural person) in connection with the provision of the
services of the Company and in accordance with the Processing of Personal Data
(Protection of the Individual) Law of 2001, as amended.
25.3. The Company will treat as confidential any Client information it holds and this
information will be used solely in connection with the provision of the services of
the Company. Information already made public, or previously held by the Company
without the obligation of confidentiality will not be regarded as such.
25.4. The Company has the right to disclose Client information including recordings and
documents of a private nature in the following circumstances:
i. where required by the governing law or a competent Court;
ii. where requested by CySEC or any other regulatory authority that has control or
jurisdiction over the Company or the Client or their associates or in whose
territory the Company has Clients;
iii. where required by relevant authorities to investigate or prevent fraud, money
laundering or any other illegal activity;
iv. where necessary in order for the Company to defend or exercise its legal rights;
to the Company’s professional advisors provided that in each case the relevant
party shall be duly informed about the confidential nature of such information
and commit to the confidentiality herein obligations as well;
v. to credit reference and fraud prevention agencies and other financial institutions
for credit checking, fraud prevention, anti-money laundering purposes,
identification or due diligence of the Client; at the Client’s request or with the
25.5. By entering into the Service Agreement, the Client consents to the transmittal of the
Client’s personal data outside the European Economic Area, according to the
provisions of EU Regulation 2016/679 for the Protection of Personal Data.
25.6. Telephone conversations between the Client and the Company are recorded and kept
by the Company and such recordings will be the sole property of the Company and
shall be kept for such period of time as determined by the regulatory framework. The
Client accepts such recordings as conclusive evidence of the
Orders/Instructions/Requests or conversations so recorded. Recordings and/or
transcripts may be used for any purpose which is deemed necessary such as in the
resolution of any complaints and/or grievances you may have against the Company.
The Client hereby agrees and consents to the use of the telephone records in the
resolution of any complaints and/or settlements and/or to their admission as evidence
in any legal or regulatory proceedings.
25.7. The Client accepts that the Company may, from time to time, make direct contact
with the Client by telephone, fax, or otherwise.
25.8. Under Applicable Regulations, the Company will keep records containing Customer
personal data, trading information, account opening documents, communications
and anything else which relates to the Client for at least five years after termination
of the Service Agreement or a Transaction.
25.9. The Client acknowledges that he/she has read fully understood and accepted the
26. AMENDMENT AND TERMINATION OF THE SERVICE AGREEMENT
26.1. The Company reserves the right to amend, modify, update and change any of the
terms and conditions of this Agreement, from time to time, and to notify the Client
via email for any such amendment, modification or change by publishing the new
version of this Agreement on the relevant page of the Company’s websites. Any
modified version of this Agreement will take effect five (5) calendar days after its
publication on the Internet Site and the Client’s continued use of the Services or the
Software after the aforementioned 5 calendar days will be deemed to constitute the
Client’s acceptance of the changes to this Agreement. The Client accepts and
acknowledges that is responsible to ensure that he/she is aware of the correct, current
terms and conditions of this Agreement and is advised to check for updates on a
regular basis. The Client also accepts and acknowledges that a variation which is
made to reflect a change of law or regulation may, if necessary, take effect
immediately. The Company, for protection of rights and interests of its Clients has
the right to notify them about the changes of the provisions of the “Terms and
Conditions of Business” by other means except its websites such as: via email,
phone, fax and/or other means, at these determined terms of entry into effect may be
26.2. The Client and the Company shall each have the right to terminate this Agreement
with immediate effect by giving at least five (5) calendar day’s written notice to the
26.3. The Company may terminate this Agreement immediately without giving any notice
in the following cases:
a) Death of a Client;
b) In case of a decision of bankruptcy or winding up of the Client is taken through
a meeting or through the submission of an application for the aforementioned;
c) Termination is required by any competent regulatory authority or body;
d) The Client violates any provision of the Agreement and in the Company’s
opinion the Agreement cannot be implemented;
e) The Client violates any law or regulation to which he is subject, including but
not limited to, the laws and regulations relating to exchange control and
f) The Client involves the Company directly or indirectly in any type of fraud.
g) An Event of Default as defined below:
1. The failure of the Client to observe or perform any other provision of this Agreement and
such failure continues for one Business Day after notice of non-performance has
been provided to the Client by the Company.
2. The Client takes advantage of delays occurred in the prices and places Orders at outdated
prices, trades at off-market prices and/or outside operating hours and performs
any other action that constitutes improper trading.
3. Any representation or warranty made or given or deemed made or given by the Client
under this Agreement proves to have been false or misleading in any material
respect as at the time it was made or given or deemed made or given.
4. Any other situation where the Company reasonably considers it necessary or desirable for
its own protection or any action is taken or event occurs which the Company
considers that might have a material adverse effect upon the Client’s ability to
perform any of its obligations under this Agreement.
26.4. Termination by any party will not affect any obligation which has already been
incurred by either party in respect of any open position or any legal rights or
obligations which may already have arisen under the Service Agreement or any
transactions and deposit/withdrawal operations made there under.
26.5. Upon termination of this Agreement, all amounts payable by the Client to the
Company will become immediately due and payable including (and not limited to):
i. all outstanding costs, fees, handling fees and any other amounts payable to the
ii. the necessary funds to close open positions in the Client’s account;
iii. any dealing expenses incurred by terminating the Service Agreement and
charges incurred for transferring the Client’s investments to another investment
iv. any losses and expenses realized in closing out any transactions or settling or
concluding outstanding obligations incurred by the Company on the Client’s
v. any charges and additional expenses incurred or to be incurred by the Company
as a result of the termination of the Service Agreement;
vi. any damages which arose during the arrangement or settlement of pending
vii. transfer/bank fees/charges for Client funds;
viii. any other pending obligations of the Client under the Service Agreement.
26.6. Upon Termination, the Company reserves the right to the following actions, without
any prior notice to the Client:
i. Keep the necessary Client’s funds to settle all outstanding obligations;
ii. Combine any Client Accounts, consolidate the balances in such Client
Accounts and to set off those Balances;
iii. Close the Client’s Trading Account;
iv. Cease to provide access of the Company’s electronic systems to the Client;
v. Convert any currency;
vi. Suspend or freeze or close any open positions or reject orders;
26.7. Upon Termination if the balance in the Client’s account is positive, the Company
will pay the amount of the balance after deducting any bank/transfer fees/charges
to the Client as soon as is reasonably practicable and supply him/her with a
statement showing how that balance has been calculated.
27. CONFLICTS OF INTEREST
27.1. The Company is required by law to take all necessary precautions in order to avoid
conflicts of interest between the Company and its Clients and when they cannot be
avoided the Company shall ensure that the Clients are fairly treated and their
interests are protected at all times. The Company will make all reasonable efforts to
manage conflicts of interest and for that purpose it maintains a certain Conflict of
27.2. The Client acknowledges that he/she has read, fully understood and accepted the
“Conflicts of Interest” policy of the Company.
28. ANTI – MONEY LAUNDERING PROVISIONS
28.1. The Company is legally obliged by the European Union regulation and by local
authorities to take all necessary actions for the prevention and suppression of money
laundering activities. The Client shall understand from the above that the Company
shall request and obtain certain verification documents from the Client to be legally
28.2. In the case where the Client fails to provide the Company with the necessary
information in regards to the above the Company reserves the right not to execute
orders on behalf of the Client. Any delays that might arise in regards to the
verification documents of the Client are not the responsibility of the Company.
29. FORCE MAJEURE
29.1. A Force Majeure Event includes without limitation each of the following:
● Government actions, the outbreak of war or hostilities, the threat of war, acts
of terrorism, national emergency, riot, civil disturbance, sabotage, requisition,
or any other international calamity, economic or political crisis;
● Act of God, earthquake, tsunami, hurricane, typhoon, accident, storm, flood,
fire, epidemic or other natural disaster;
● Labor disputes and lock-out;
● Suspension of trading on a Market, or the fixing of minimum or maximum
prices for trading on a Market, a regulatory ban on the activities of any party
(unless the Company has caused that ban), decisions of state authorities,
governing bodies of self-regulating organizations, decisions of governing
bodies of organized trading platforms;
● A financial services moratorium having been declared by appropriate
regulatory authorities or any other acts or regulations of any regulatory,
governmental, or supranational body or authority;
● Breakdown, failure or malfunction of any electronic, network and
communication lines (not due to the bad faith or willful default of the
● Any event, act or circumstances not reasonably within the Company’s control
and the effect of that event(s) is such that the Company is not in a position to
take any reasonable action to cure the default;
● The suspension, liquidation or closure of any market or the abandonment or
failure of any event to which the Company relates its Quotes, or the imposition
of limits or special or unusual terms on the trading in any such market or on
any such event.
29.2. If the Company determines the existence of a Force Majeure Event (without
prejudice to any other rights under the Service Agreement) the Company may
without prior notice and at any time take any or all of the following steps:
● increase margin requirements of the Client’s accounts;
● close out any or all open positions at such prices as the Company considers in
good faith to be appropriate;
● suspend or modify the application of any or all terms of the Agreement to the
extent that the Force Majeure event makes it impossible or impractical for the
Company to comply with them;
● take or omit to take all such other actions as the Company deems to be
reasonably appropriate in the circumstances with regard to the position of the
Company, the Client and other Clients;
● increase spreads;
● Decrease any leverage level.
29.3. Under the provisions of this Agreement, the Company will not be liable or have any
responsibility for any type of loss or damage arising out of any failure, interruption,
or delay in performing its obligations under this Agreement where such failure,
interruption or delay is due to a Force Majeure event.
30. INTRODUCTION OF CLIENT FROM AN INTRODUCING BROKER
30.1. In cases where the Client is introduced to the Company through an Introducing
Broker, the Client acknowledges that the Company is not responsible or accountable
for the conduct, representations or inducements of the Introducing Broker and the
Company is not bound by any separate agreements entered into between the Client
and the Introducing Broker.
31. THIRD PARTY AUTHORIZATION
31.1. The Client has the right to authorize a third person (i.e. nominate a representative) to
act on behalf of the Client in all business relationships with the Company such as: to
place instructions and/or orders to the Company or to handle any other matters
related to the Customer Account and /or this Agreement, provided that the Client
notifies the Company in writing, and in the event of exercising such a right the
following conditions are met:
(a) The Client has to provide the Company with a Power of Attorney accompanied with all
identification documents of the authorized representative.
(b) The authorized representative is approved by the Company and
(c) Must fulfil all of the Company specifications including any information for anti-money
31.2. The Power of Attorney must specify the duration of time for which it is valid. If
there is no expiry date, the Power of Attorney will be considered valid until the
Company receives a written notification from the Client for the termination of the
authorization of the person as described in paragraph 31.1. It is the Client’s
responsibility to notify the Company regarding the termination of the authorization.
In any other case, the Company will assume that the authorization is on-going and
will continue accepting instructions and/or orders and/ or other instructions relating
to the Customer Account given by the authorized person on the Client’s behalf and
the Client will recognize such orders as valid.
31.3. The written notification for the termination of the third-party authorization has to
be received by the Company with at least 5 working days’ notice prior the
termination of the authorization date.
32. COMMUNICATIONS AND WRITTEN NOTICES
32.1. Unless the contrary is specified in this Agreement, any notice, instruction, request or
other communication to be given to the Company by the Client under this Agreement
and the Service Agreement shall be in writing and shall be sent to the Company’s
address below (or to any other address which the Company may from time to time
specify to the Client for this purpose) by email, facsimile, post if posted in Cyprus, or
airmail if posted outside Cyprus, or commercial courier service and shall be deemed
delivered only when actually received by the Company at:
Postal address: iTrade Global (CY) Ltd, 256 Arch. Makariou III Avenue, Eftapaton, 4th
Floor, Office D4, 3105, Limassol, Cyprus.
Email: [email protected]
32.2. In order to communicate with the Client, the Company may use any of the following:
email; company online trading system internal mail; facsimile transmission; telephone;
post; commercial courier service; air mail; or the Company’s website. The methods of
communication specified in this paragraph are also considered a written notice from the
32.3. The language of communication shall be in English and as such, all the information,
documents and support you shall receive from us shall be in the English language.
Nonetheless, where appropriate and for your convenience, the Company may
communicate with you in your native language or in any other language in which you are
33. LIABILITY AND INDEMNITY
33.1. In the case where the Company provides information, news, information relating to
transactions, market commentary and any other information to be provided within the
limits of the Company’s authorization to the Client (or in newsletters which it may post
on its website or provide to subscribers via its website or otherwise), the Company shall
not be liable for any losses, costs, expenses or damages suffered by the Client arising
from any inaccuracy or mistake in any such information given. Subject to the right of
the Company to void or close any transaction in the specific circumstances set out the
Agreement, any transaction following such inaccuracy or mistake shall nonetheless
remain valid and binding in all respects on both the Company and the Client.
33.2. The Company shall not be held liable for any loss or damage or expense incurred by the
Client in relation to, or directly or indirectly arising from but not limited to:
● any error or failure in the operation of the company online trading system;
● any delay caused by the Customer terminal;
● transactions made via the Customer terminal;
● any failure by the Company to perform any of its obligations under the
Agreement as a result of Force Majeure Event or any other cause beyond its
● the acts, omissions or negligence of any third party;
● any person obtaining the Client’s access codes that the Company has issued to
the Client prior to the Client’s reporting to the Company of the misuse of his
● all orders given through and under the Client’s access codes;
● unauthorized third persons having access to information, including electronic
addresses, electronic communication, personal data and access codes when the
above are transmitted between the parties or any other party, using the internet
or other network communication facilities, post, telephone, or any other
● a delay transmitting any order for execution;
● currency risk;
● any changes in the rates of tax;
● any actions or representations of the introducing broker;
33.3. If the Company incurs any claims, damage, liability, costs or expenses, which may
arise in relation to the execution or as a result of the execution of the Client
Agreement and/or in relation to the provision of the services and/or in relation to
any Order it is understood that the Company bears no responsibility whatsoever and
it is the Client’s responsibility to indemnify the Company.
33.4. The Company shall in no circumstances be liable to the Client for any significant or
indirect losses, damages, loss of profits, loss of opportunity (including in relation to
subsequent market movements), costs or expenses the Client may suffer in relation
to the Client Agreement.
34. GUARANTEES ON BEHALF OF THE CLIENT
34.1. The Client states, confirms and guarantees that any money handed to the Company
for any purpose, belongs exclusively to the Client and is free of any lien, charge,
pledge or any other burden. 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.
34.2. The Client acts for himself and not as a representative or a trustee of any third
person, unless he/she has produced, to the satisfaction of the Company, a document
and/or a power of attorney enabling him/her to act as representative and/or trustee of
any third person.
34.3. The Client agrees and understands that in the event that the Company has such
proofs that are adequate to indicate that certain amounts, as classified in Paragraphs
34.1 and 34.2 of this Section, received by the Client are proceeds from illegal acts
or products of any criminal activity and/or belonging to a third party, the
Company reserves the right to refund these amounts to the sender, either this being
the Client or a beneficial owner. Furthermore, the Client also agrees and
understands that the Company may reverse any transactions performed in the
Client’s Trading Account and may terminate this agreement. The Company reserves
the right to take any legal action against the Client to cover and indemnify itself
upon such an event and may claim any damages caused to the Company by the
Client as a result of such an event.
34.4. The Client declares that he/she is over 18 (eighteen) years old, in case of natural
person, or that it has full legal capacity, in case of legal person, to enter into this
34.5. The Client understands and accepts that all transactions in relation to trade in any of
the Financial Instruments will be performed only through the Trading Platform(s)
provided by the Company and the Financial Instruments are not transferable to any
other Trading Platform whatsoever.
34.6. The Client guarantees the authenticity and validity of any document handed over by
the Client to the Company.
35. CHARGEBACK POLICY
35.1. The Company reserves the right to charge the Client with a research and
administrative processing fee, if a chargeback is placed by the Client with his/her
credit card company (either intentionally or unintentionally) for any deposit made to
the Client’s Trading Account. This fee will be used to cover all investigative
expenses to prove that the deposit was made by the Client upon receiving the
chargeback from the Company’s merchant provider/payment service provider.
35.2. All fraud including credit card fraud will not be accepted by the Company and as
such will be fully investigated and pursued under the law to its fullest extent. Any
losses resulting on our behalf will be fully pursued in a civil lawsuit to claim back
any losses incurred.
35.3. Any chargebacks made to the Company will be regarded as fraudulent if no attempt
is made by the Client to help solve any issues related to a deposit. All unnecessary
chargebacks result in costs for our Company and as such:
a) When suspicious activity relating to any deposit is detected by the Company, the
respective deposit will be placed as ‘Pending’ and fraud detection checks will be
performed during this time. Access to the Client’s Trading Account will also be
temporarily prohibited in order to reduce the Company’s exposure to the risk.
b) All reviews are generally completed within twenty-four (24) hours; however, it may take
longer for those deposits posing a potentially higher risk as more extensive fraud
detection checks will be performed by the Company.
c) The Client acknowledges and agrees that the Company may contact the Client
directly in regards to the received transactions/claims.
d) Depending on the specific case and chargeback reason, the deposit will either be held as
“pending” until the investigation is completed and/or the claim is closed; or the
deposit will be cancelled and the funds will be refunded back to the credit card used
to make the deposit. In addition, the Company has the sole discretion to close any
(and all) of the Client’s Trading Accounts with us in such cases. Any active orders
will also be cancelled immediately if associated with the same fraudulent credit card
e) The Client has fifteen (15) calendar days to cancel the chargeback or to reimburse the
amount back to the Company via a bank transfer.
f) Any chargeback case that is made against the Company and is not successful, will result
in the sum being reimbursed to the Company along with charges for any research,
administration and processing performed.
g) If the Client reimburses the Company with the disputed amount via bank transfer or if the
Client cancels the chargeback, and the cancellation has been officially confirmed to
the Company by the payment service provider or the bank, then the Company will
not charge any fees.
35.4. In addition, in case of chargeback, dispute, retrieval or any type of fraudulent
transaction, regardless of the outcome of the chargeback case, the Company reserves
the right to block the Client’s online trading facility and/or not reactivate it and/or
terminate his/her account with us. Consequently, any profits or revenues may be
seized and we reserve the right to inform any third party. We are continually
developing tools to monitor any fraudulent activity and any cases from such activity
will be decided on by ourselves and any decision made shall be final and
35.5. The Company reserves the right to deduct the disputed amount until any
investigation from our side is completed.
36. INTELLECTUAL PROPERTY
36.1. The Client acknowledges that all content, trademarks, services marks, trade names,
logos and icons and in general all Intellectual Property Rights on the Company’s
Website (www.TRADEFW.com) are the Company’s property or its affiliates or
agents and are protected by copyright laws and international treaties and provisions.
36.2. The Client agrees not to delete any copyright notices or other indications of
protected intellectual property rights from materials that the Client prints or
downloads from the website. The Client will not obtain any intellectual property
rights in, or any right or license to use such materials or the website, other than as set
out in this Agreement.
36.3. The Client also agrees not to copy, record, edit, alter or remove any of the materials
on the Company’s website. This shall include, without limitation, not removing,
editing or otherwise interfering with (or attempting to remove, edit or otherwise
interfere with) any name, marks, logos or branding on the Company’s website.
36.4. Images displayed on the website are either the property of the Company or used with
permission. The Client agrees not to upload, post, reproduce or distribute any
information, software or other material protected by copyright or any other
intellectual property right (as well as rights of publicity and privacy) without first
obtaining the permission of the owner of such rights and the prior written consent of
35.5. Unless expressly stated otherwise, the Company’s surrendered materials and/or
messages, including ideas, know-how, techniques, marketing plans, information,
questions, answers, suggestions, emails and comments, are neither confidential nor
will the Client hold the intellectual property in it. The Client’s consent to this
Agreement shall be regarded as authorizing the Company to use any client data
(excluding the personal identification data of the client). Such use does not require
additional client approvals and/or will not be billed separately.
37. GENERAL PROVISIONS
37.1. The Client acknowledges that no representations were made to him/her by or on
behalf of the Company which have in any way incited or persuaded him/her to enter
into the Agreement.
37.2. In case of joint-trading Accounts for two or more persons who will jointly be
considered as the Company’s Client, the Client’s obligations under the Agreement
shall be joined and several and any reference in the 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.
37.3. In case any provision of the Agreement is or becomes, at any time, illegal void or
non-enforceable in any respect, in accordance with a law and/or regulation of any
jurisdiction, the legality, validity or enforceability of the remaining provisions of the
Agreement or the legality, validity or enforceability of this provision in accordance
with the law and/or regulation of any other jurisdiction, shall not be affected.
37.4. The Client shall 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 the Agreement. The location of
detailed information regarding the execution and conditions for the investment
transactions in Financial Instruments conducted by the Company and other
information regarding the activity of the Company are accessible and addressed to
any natural persons and legal entities at the Company’s website over the Internet.
38. APPLICABLE LAW AND REGULATIONS
38.1. This Agreement is governed by the Laws of the Republic of Cyprus.
38.2. Notwithstanding any other provision of this Agreement, in providing Services to the
Client the Company shall be entitled to take any action as it considers necessary in its
absolute discretion to ensure compliance with the relevant market rules and or
practices and all other applicable laws.
38.3. All transactions on behalf of the Client shall be subject to applicable laws,
regulations, 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 the Cyprus Investment Firms, 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 Applicable
Regulations in force at the time. Any such measures as may be taken and the
Applicable Regulations in force shall be binding on the Client.
39. JURISDICTIONS WITH SPECIAL RULES
39.1. Spanish Clients
The National Securities Market commission of Spain has determined that, due to the
complexity of Forex/CFDs and the risks involved, the purchase of such products by retail
clients is not appropriate/suitable. These products are leveraged and the losses incurred may
be greater than the amount initially invested.
For Spanish clients, that are eligible to trade with a leverage greater than 1:10, a special set
of required warnings regarding Forex/CFDs will be shown by the Company whereas the
clients will have to agree to the pop-up statement acknowledging their understanding and
acceptance that Forex/CFDs are complex products which are not be appropriate/ suitable for
The following risk-warning appears to all prospective clients during the registration process
when they select Spain as their country:
“You are about to purchase a product that is complex and difficult to understand:
CFDs/Forex. CNMV has determined that, due to its complexity and the risks involved, the
purchase of this product by retail investors is not appropriate/suitable. The product you are
about to purchase CFDs/Forex is a leveraged product. Please be aware that the losses
incurred may be greater than the amount initially invested”
The client will have to accept by ticking the relevant acknowledgments that such product is
complex and CNMV has determined that it is not convenient for him/her and that it is a
complex product and due to the lack of information provided, it could not be determined as
being convenient to the client. If the prospective client does not accept the warning then
he/she shall not be able to proceed with the registration process.
It is further noted that a such confirmations will form an integral part of the registration of
each Spanish client which shall be duly recorded as per the internal policies and procedures
of the Company.
All advertisement mechanisms available to Spanish clients shall include the following
“Difficult product to understand, CNMV has determined that it is not suitable for retail
investors due to its complexity and high risks involved”.