Forex introducing broker agreement
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Risk Acceptance 3. A relatively small market movement may have an above average impact on the funds that the Client has deposited or will have to deposit; this may work against as well as for the Client. The Client may sustain a total loss of initial margin funds and any additional funds deposited with the Company to maintain his positions.
If the Client fails to comply with a request for additional funds in due time, his account may be liquidated at a loss and the Client will be liable for any resulting deficit. Prices quoted to the Client by the Company include a price margin. Therefore, any transaction with the Company will be solely a private obligation of the Company and not an obligation of a clearinghouse.
The Company reserves the right, without obligation, and with good reason to terminate or close out any transaction prior to its expiration date at any time. The Client acknowledges, accepts and understands the risks and is willing and able, financially and otherwise, to assume the risks of foreign exchange trading and that the loss of his entire Account balance will not change his lifestyle.
The Client acknowledges that he has received no such guarantees from the Company or from any of its representatives or any introducing agent or other entity with whom the Client is conducting his Company Account and has not entered into this Agreement in consideration of or in reliance upon any such guarantees or similar representations.
The Company accepts no responsibility arising out of any trading decisions. In addition, any market or quote that the Company makes for the Client may be based solely on markets or quotes that are made or quoted to the Company by the counterparties with which it cooperates. Such quotes or markets may not represent the best quotes or markets available to the Client or the Company from other sources, and the Company undertakes no obligation to obtain competitive quotes or markets from other counterparties.
The Company and its affiliates may also carry out proprietary trading activities, including hedging transactions related to the initiation or termination of a foreign currency transaction with the Client, that may adversely affect the market price or other factors underlying the foreign currency transaction entered into with the Client and consequently, the value of such transaction.
Off-Exchange Transaction and Limited Liquidity 5. The Company does not occur on a regulated exchange and it may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. As a result, transactions involve additional risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before undertaking OTC transactions, the Client should familiarize himself with applicable rules and attendant risks.
Electronic Trading and Communication 6. Trading on an electronic trading system differs from trading in the open outcry market. The Company is not liable for any losses, damages, or expenses, caused by the Client using a platform version, different from the version, available on the Company website. Without limiting the foregoing, the Company expressly disclaims any representation that any automated system will operate uninterrupted or be error-free.
The Company has no responsibility to inform the Client of any decision to use, not use or cease using any Automated System, the characteristics, functions, design or purpose of any Automated System, or any specific risks inherent in any Automated System.
Unless expressly provided otherwise herein, the Client places his instructions electronically or in writing by using proper identification. The Company is not required to make a more extensive examination of the identification offered by the Client. The Company assumes no responsibility or liability for losses or damages of any kind resulting from or in connection with the transmission of data via the Internet.
The Company is not responsible or liable for not noticing falsifications or lack of legitimating. Commissions, Fees, and Other Charges 7. The Client shall be obliged to pay to the Company the fees, commissions, and charges, set by the Company. Before trading, the Client will obtain a clear explanation of all commissions, fees and other charges for which the Client will be liable.
The Company services are remunerated according to its tariff, published from time to time on the website. The Company reserves the right to amend this tariff at any time without prior notice. The Client shall pay commissions, fees and other charges arising from transactions with or through the Company, including but without limitation to brokerage fees mark-ups and markdowns, statement charges, idle Account charges, order cancellation charges, Account transfer charges, adjustment charges or other charges, and bank fees.
The Client accepts that any amounts overdue shall bear a default interest at a rate equal to fifteen 15 percentage points per annum which will be debited to the Account. The monthly fee amount will depend on the amount of inactivity days according to the data below: 7. In case of the inactivity fee refund, the amount of the refund shall not exceed the amount of the deposit made or of the inactivity fee deducted.
The refunded funds may be withdrawn from the account only if there is a trading activity of at least 0. The Company reserves the right at its sole discretion, without obligation, and without prior notice, on a permanent or temporary basis, to decline swap-free service to the Client. In the event of withdrawal, the Company reserves the right to charge reverse compensation fee which equals to the fee coverage see more details in Deposit and Withdrawal section.
FXCL Markets provides payment fee coverage as a promotional campaign carried out of company's own accord. Amounts of fee coverage for payment systems and additional conditions are set by FXCL Markets and can be modified or canceled at any time. The Client agrees and accepts that the fee may be applied in case of withdrawal, if the total trading volume of closed positions of all Client's accounts during the last 30 days does not exceed five 5 standard non-hedging, qualified lots.
Access and Security 8. The Automated Systems may be used to transmit, receive and confirm execution of orders, subject to prevailing market conditions and applicable rules and regulations. The Company consents to grant to the Client the access and the use of the Automated Systems, provided that the Client adopts the required procedures to prevent unauthorized access to and use of the Automated Systems.
The Client accepts full responsibility for all trades executed through the Automated System, including the risk of financial liability for trades executed by unauthorized third parties. The Client is responsible for monitoring of his Account s.
The Client shall immediately notify the Company in writing if he becomes aware of any of the following; 8. Communication 9. The Client acknowledges that the Company may not record any conversations due to technical reasons. Any communications from the Company shall be deemed to be validly delivered to the Client, if sent to the latest address indicated to the Company for this purpose by the Client, whether by postal service, email, system mailbox or other systems of transmission or means of transportation.
Any risks or damage resulting from the use of any systems of transmission or means of transportation, particular by reason of loss, delay, misunderstanding, mistakes, distortions or duplications, shall be borne by the Client. The Client acknowledges and consents to receive monthly account statements, trade confirmations, and statements of close out of open positions required in electronic form through the Internet. The Company does not charge for this service, unless prior written notice is given to the Client.
The Client reserves the right to revoke this consent at any time. Any notices required to be given by the Client in writing shall be sent to the Company by mail or email to the addresses indicated on the Company website. Approval of the Company Notices and Statements Any objection to an order confirmation report or statement of account must be made immediately upon receipt and, in addition, confirmed in writing by email or mail, reaching the Company not later than two 2 days from the date on which the order confirmation or Account statement has been delivered to the Client.
Written objections shall be addressed to the most recent address indicated on the Company website, and shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested. The Client shall notify immediately if he does not receive the regular communications from the Company, such as order confirmations or Account statement or other communications or mail from the Company, which the Client would have had to expect within the usual time period, the latest within ten 10 days after the date, that such communication or statement should have been received.
In the absence of timely objection or dispute, the order confirmation, Account statement and content of any notice and communication will be considered as acknowledged and approved by the Client. Such lien and right to set-off shall secure all claims by the Company, of whatever nature, irrespective of their due date and of the currency in which they are labeled. The Company is authorized to realize the pledged assets at private sale, without restriction and without being bound to observe the legal formalities required by the St.
Vincent and the Grenadines federal law on the recovery of debts and on bankruptcy if, in the opinion of the Company, the sale is necessary to cover claims, secured by the pledge whether or not such claims are due and payable. Privacy Policy The Client authorizes the Company to gather information about the Client, including but not limited to transactions with the Company and affiliated members of the the Company data, provided in the Agreement, Account balances, payment history, and Account activity or other information regarding credibility of the Client.
The Client acknowledges that the Company may, in accordance with the anti-money laundering regulation, share the information concerning certain business relationships within the Company, if it is essential to prevent and detect money laundering on a Group level. The Company is authorized to disclose information as may be required by law, rule or regulatory authority, without prior notice to the Client.
Warranties of the Client The Client represents and warrants in particular the following: Further, the Client represents and warrants that he is not an employee or associated person of a member firm of any exchange or of a member firm of the Federal Reserve, NFA, or NASD, or any employee or agent of any member of any bank, trust, or insurance company not disclosed to FXCL Markets Ltd.
In the event that the Client becomes an employee or agent of any of the foregoing, the Client will promptly notify the Company, in writing, of such employment. Governing Law and Jurisdiction This Agreement shall be governed by and construed in accordance with the laws of St. Vincent and the Grenadines with exclusion of St. Vincent and the Grenadines international private law and any international treaties. Should any clause in this Agreement be or become illegal, invalid or unenforceable in any manner whatsoever, this shall not affect the remaining provisions of this Agreement.
Any litigation or administrative proceeding arising directly or indirectly hereunder must be heard by the courts in St. Vincent and the Grenadines. Vincent and the Grenadines or foreign court or claims office having jurisdiction. Assignment The Company is entitled to assign this Agreement including all authorizations, to its successors and assigns, whether by merger, consolidation or otherwise.
Termination The Client or the Company may terminate the Agreement with immediate effect by giving notice to the other party at any time. Termination shall not affect any accrued rights or obligations. Upon termination, the Company shall undertake to complete all open contracts in accordance with this Agreement, terms and conditions, and trading policies. Upon termination, the Company is entitled to deduct all amounts owed by the Client before transferring the remaining balance to the Client.
Inactive Account The Client will thereafter be required to re-establish an Account prior to placing any further trades, and the Company may require additional documentation from the Client to reactivate such Account. Liquidation of Accounts and Payment of Deficit Balance The Company reserves the right to terminate the relationship with the Client at any time and, in particular, the Company may, at its discretion, cancel trading orders, close open positions and demand settlement of any open Account balance at a date, specified by the Company.
The Company may bid and become a purchaser at any such sale. The remaining balance shall be paid out to the Client. According to the account type, when the margin level specification is reached the Company will liquidate close all open position s including hedged positions. At zero equity, the Company will liquidate close all open position s including hedged positions.
Pending orders at liquidation level may not be deleted if there are sufficient margins on Account to activate these orders. Pending orders at liquidation level will be canceled if there are no adequate margins on Account to activate the orders. The Company reserves the right to execute without prior notification a funds transferring between two Client's accounts including accounts from another Trader's Cabinet detected to belong to the same Client in order to pay off the negative balance.
Accounts may be liquidated according to the provisions within this Agreement. Trading Facilities Trading accounts are basic and not equipped with the following facilities by default; these facilities are available upon request: Expert Advisors; The above facilities should be requested directly from the Company Support Department by email and subject to the management approval.
Trading Rules Any trading instruction sent by the Client via the Company trading platform is considered as irrevocable request, and will be regarded as an order upon electronic confirmation by the Company. All trading transactions are performed online through Company's trading platforms. By-phone trading is an emergency option only. Adjust the prices and price spreads available to the Client. Limit the list of Account types, instruments, strategies, and other products available to the Client; Terminate the relationships with the Client immediately by giving written notice.
Apply an additional fee. At the Company's sole discretion, the fee may be deducted as one transaction and include the amount of all commissions from all open positions that could have been applied in case of a swap account from the moment of opening of those positions. Pending Orders All pending orders must be placed according to the product specifications stated on the Company website.
The client understands and accepts that during gaps pending orders are executed under the following rules: Non-Qualified Trades Non-qualified trades are allowed under one or all of the following conditions: Aggressive usage is prohibited for all account types.
These rules apply to all trades regardless of the market situation. Order Execution When the Client clicks for a trade, he makes a request according to the market price. If the requested price is a traded market price, the trading system will confirm it. Otherwise, if the price changes, the system will send an automated re-quote with the fair market rate.
The Client will then have the choice to confirm or reject it. Market spread may be offered on all or selected products for the duration of news releases and throughout hectic markets. However, these provisions do not prevent the parties from using their names in other ways. While these are not the only terms and conditions, these agreements are an important part of the forex industry.
The Introducing Broker s obligations and rights are transferable. However, it must obtain the prior written consent of the Broker before making such a transfer. Any transfer or assignment of the rights and obligations should be notified to the PCC as soon as possible. In the event that the Introducing Broker is terminated in breach of clause 17, this clause will not apply to the Introducing Broker.
The Introducing Broker must adhere to reasonable operational requirements. The PCC may impose reasonable operational requirements from time to time. However, the Broker must still comply with these requirements in order to continue offering the Services. In the event that the Broker s operations are terminated, it must provide reasonable assistance to the PCC in the transition of the Services to a third party.
The PCC is also required to pay the appropriate amount of value added tax. The Introducing Broker should inform the PCC of any change in legislation that could affect the introducing broker.
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