Terms & Conditions
This Agreement is executed by and between Financial Arena Ltd (the “Company”), and the Client, a physical or legal person, (the “Client”).
This Agreement is applicable to the content and information included in the Services, web pages and databases as well as any agreements and software provided by the Company and its associates/third party suppliers (the "Information Providers") to which a Client may have access through the domain or sub-domain of the Company at www.xforex.com (the “Website”).
The purpose of this Agreement is to describe the terms, conditions and risks upon which the Client accesses to the Company’s Services provided therein; access to the Company will mean that the Client have accepted the terms to this Agreement. If the Client does not agree to be bound by these terms and conditions s/he cannot use nor can s/he access our services.
THIS IS NOT A PURCHASE CONTRACT BUT AN AGREEMENT ON THE RIGHTS OF THE CLIENT. The Company remains the owner of the copy of any software in relation to the Services as well as of all copies of the software to which the Client is entitled under this Agreement.
The Client accepts and understands the Company’s official language is English and should always refer to the Company in the English language. The Client may refer to the website for all information and disclosures about the Company and its activities.
The Company must established and ascertain the Identity and Investment Profile of the Client as required by the Laws and Regulations governing its activity. Accordingly, the Client shall complete the investor’s questionnaire and provide all necessary documents (as it appears on the registration page of the Company’s website). Additionally, the Client must read understand and electronically accept (tick the relevant box) the terms and conditions of engaging with the Company. Apart from some instances where additional documents shall deem necessary to be acquired by the Client, the Client by clicking on the button "Submit" and / or ticking the relevant box during the download, installation, copy or any other usege of the Software, expresses full and unconditional consent to the provisions and terms hereof.
Handwritten signing of hard copy of the Agreement is not required so the above mentioned electronic manner of acceptance of the agreement has the same judicial power and establishes the same rights and duties and responsibilities as a regular agreement signed between both parties. In case a client wishes to have a printed agreement, duly signed and stamped by the Company, the client must send 2 duly signed copies of the Agreement to the Company, stating his postal address and a copy will be sent back to that address.
THE CLIENT AGREE THAT USING THE SERVICES PROVIDED BY THE COMPANY AND/OR ANY SOFTWARE INDICATES THAT THE CLIENT HAVE READ THIS AGREEMENT, THE CLIENT UNDERSTAND IT AND AGREE TO BE BOUND BY ITS PROVISIONS.
 DEFINITIONS AND INTERPRETATIONS
(Client) Account: is the account opened by the Company and held in the name of the Client, or of the Company on behalf of the Client.
Account Statement: a regularly drawn up record of trading, debit and credit transactions carried out on the Account;
Base Currency: United States Dollar (USD), unless otherwise specified by the Company;
Authorized Person: any person authorized by the Client to give instructions to the Company;
Equity: The current real amount in the account, calculated by this formula: (Total Account Deposits) minus (Total Account Withdraws) plus (Closed Profit and Loss) plus (Open Profit and Loss) plus Bonus, converted into the Account Base Currency.
Maintenance Margin: In order to keep a new position open, you must ensure that the account Equity exceeds the total Maintenance Margin Level. Maintenance Margin Level requirements are specific to each financial instrument. [If the margin is not maintained, the position/s will be closed automatically by the system].
Available Balance: Amount available to be used as initial Margin. (Equity) minus (used Margin).
Equity – used Margin
used margin = Deal Amount (always converted into the Account Base Currency) divided by Leverage (depends on Instrument)
Pending Bonus: Displays the Bonus amount that will be transferred into the Equity, provided that you exceed the "Volume to Reach" within the set period.
Volume to Reach: Presents the Volume you need to reach within the set period in order to have the pending Bonus transferred into the Equity.
Best Execution Policy: The Company’s existing policy with respect to execution of Client orders, at the best price, which is available at the Company’s website;
Business//Working Day: any banking day according to the jurisdiction in which the Company runs its bank accounts;
Spread: is the difference between the price quoted in the website for an immediate sale (bid) and an immediate purchase (ask), as its determined by the company under it sole discretion;
Conflict of Interest Policy: shall mean the Company’s prevailing policy regarding
conflicts of interest which and is available at the Website;
Contracts for Differences or “CFDs”: any contracts for difference between prices of
spot FOREX, equity indexes, precious metals, stocks or any
other commodities available for trading, in different points
Counterparty/ies: any banks and/or brokers, through which the Company may cover its Contracts with Clients;
Client Classification: the Company’s overall, product or transaction specific classification of Clients;
Margin: The ratio between the account value and the exposure.
Net Exposure: The sum of all open positions converted into the account base currency.
Open Position: A deal of either purchase or sale that is not settled by an opposite sale or purchase of the contract (a deal that has not been closed);
Open Profit and Loss: The sum of all open positions Profit and Loss converted into the
account base currency.
Orders: The request for the transaction’s execution;
Platform: Any information, software and hardware used by the Company for the purpose of providing Services to the Client in accordance with this agreement;
Services: Shall mean the services to be provided by the Company subject to this agreement;
Trade Confirmation: Any message sent by the Company to the Client in confirmation of entering into Contract with the Client;
Transaction: Any type of operation effected in the Client’s Account that includes but is not limited to Deposit, Withdrawal, Open Trades, Closed trades, Transfer between Client’s accounts;
Client: Shall mean the individual person, legal entity or firm being a customer of the
Client’s Instructions: a request for a Client’s transaction and/or message sent by the Client to the Company.
(i) Any reference to an individual person shall include bodies corporate, unincorporated associations, partnerships and individuals;
(ii) Headings and notes in the Terms and Condition of this Agreement are for reference only and shall not affect the contents and interpretation of the Terms;
(iii) Any references to any law, regulation or statute shall include reference to any statutory modification or re-enactments thereof;
(iv) Any appendices attached to this Agreement shall constitute an integral part of this Agreement.
 RISK ACKNOWLEDGMENT
2.1 The Client agrees to use the Website and/or the Services provided by the Company at his/her own risk.
2.2 The Client acknowledges, understands and accepts that trading and investing in Financial Commodities:
(i) is highly speculative;
(ii) may be extremely risky;
(iii) Is suitable for persons who are in a position to bear the loss of all the money they invest.
2.3 The Client further acknowledges, understands and accepts:
(i) that international currency prices are highly volatile;
(ii) that trading on foreign markets involves risks different to the risks usually involved in the markets of the country of residence of the Client;
(iii) that any information provided by the Company or any financial contract purchased or other Service offered through the Website, in no way guarantees profit or freedom from loss;
(iv) that by trading and investing through the platform the Client may incur a loss equal to the amount of money deposited by the Client to the Company including overnight Premiums for day trade deals;
(v) the great risks associated with speculative investments;
(vi) The Client accepts and declares that the Client is willing and able, financially or otherwise, to undertake these risks.
2.4 The Client acknowledges, understands and accepts that trading and investing through the platform may entail other risks than the ones contained in the paragraph.
2.5 The Client acknowledges, understands, accepts and agrees to the information that appears under the RISK DISCLAIMER title on the Website, which forms an integral part of this Agreement should the Client agrees to these terms and conditions.
 CLIENT CLASSIFICATION
3.1 The Company may choose to practice Client Categorisation policy, in which it’ll classify clients into different categories in relation with the clients and its trading account characteristics.
 COMPANY’S SERVICES
4.1 Subject to the Client fulfilling its obligations under the terms of this Agreement, the Company shall provide its Clients the opportunity to trade in the following investments and instruments:
(i) CFDs on Spot FOREX, equities, precious metals;
(ii) Future contracts, options futures, overnight Premiums forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash.
(iii) Foreign Exchange Services in connection to the above
4.2 (a) The Client acknowledges and recognises that any information provided through the Website or by the Company is provided for information purposes only to assist the Client in making decisions but, in no case such information constitutes investment advice.
(b) The Client acknowledges, understands and accepts that for any decision, investment strategy, transaction and/or investment made or taken by the Client, or the consequences of undertaking such actions, the Client will be solely responsible for and that the Company will have no responsibility, whatsoever, for any such actions taken by the Client.
4.3 This section is to be read in conjunction with the BEST EXECUTION POLICY FOR CONTRACTS FOR DIFFERENCE (CFDs) should the Client accept these terms and conditions which can be found in the Website.
 CLIENT WARRANTIES AND REPRESENTATIONS
5.1 The Client warrants and represents that:
(i) money, investments or other assets supplied by the Client to the Company, fully belong to the Client and are, at all times, free of any charge, lien, pledge or encumbrance and are not proceeds of any illegal act or omission or product of any criminal activity;
(ii) the Client is not under any legal disability with respect to, and is not subject to any law or regulation which prevents its performance according to this Agreement;
(iii) the Client acts for himself or if not, the Client warrants and represents that it has obtained all necessary consents and authorisations to operate according to this Agreement and produces, to the Company’s satisfaction, the document(s) indicating such consents and authorisations;
(iv) should the Client be a legal entity, then the Client warrants and represents that it has obtained all necessary corporate consents and authorisations as per the entity’s constitutional and organisations documents and produces, to the Company’s satisfaction, the document(s) indicating such consents and authorisations;
(v) the Client is in compliance with all laws and regulations to which it is subject including, but not limited to, laws and regulations relating to tax matters, exchange control and registration requirements;
(vi) any information provided by the Client is complete accurate and not misleading in any material respect;
(vii) any document handed to the Company by the Client is valid and authentic.
5.2 The above warranties and representations shall be deemed to be repeated every time the Client gives instructions to the Company during the duration of this Agreement;
5.3 The Client agrees that should any of the above warranties be breached then the Company reserves the right to return them to the remitter. The Client further accepts that in such case the Company may reverse any or all types of previous transactions undertaken by the Client through the Company and terminate the Agreement as per paragraph 15 herein. Should the Company incur damages and/or losses as a result of breach of paragraph 5.1, the Company retains the right to withhold it from any of the Client’s account and or to file legal actions against the Client and claim damages.
 DEALINGS BETWEEN THE COMPANY AND THE CLIENT
6.1 Upon accepting and/or signing these Terms and Conditions, the Client is entitled to use the Services and apply for access codes, in order for the Client to be able to access the electronic Platform on www.xforex.com and initiate trading subject to the company’s final approval and/or undertaking transactions according to the procedures and means prescribed therein and in this Agreement in paragraph 7 here below.
Should the Client use any other means, than those mentioned in this agreement, to transmit instructions and/or Orders, then such instructions and/or Orders will not be considered as valid instructions/Orders and the Company will not act upon them.
6.2 Should the Client suspect that the access codes have been disclosed to a third party and/or that there is an irregular and/or unauthorised use of them, the Client must immediately inform (in writing) the Company of this.
6.3 The Client acknowledges, understands and accepts that any instructions and/or Orders given to the Company through the Client’s access codes will be considered as instructions and/or Orders of the Client and will be the sole responsibility of the Client.
6.4 Similarly, where the Client authorises/assigns a third party to act on the Client’s behalf through the third party’s access codes then any instructions and/or Order placed by such third party will be the sole responsibility of the Client.
6.5 Upon signing and/or accepting these Terms and Conditions, the Client acknowledges, understands and accepts that the Company shall bear no responsibility or liability whatsoever for any unauthorised access by third parties to any information transmitted or exchanged between the Company and the Client, including, but not limited to, electronic addresses, communications and personal data.
6.6 Practice Accounts - the Company enables its clients to exercise in practice accounts, for limited period of time and after wiring $100 on a live account. It is stipulated that all restrictions and obligations that appears in this agreement with respect of The Client applies in Practice Account scenario as well. It is hereby to be clarified, that Practice Account Client gains no privileges in opening live accounts and needs to comply with all regulatory requirements, as well as Company’s procedures with regard. It is under the Company’s sole discretion to decide whether, and when, the Practice Account shall be closed.
6.7 The Company may use the Client’s contact details for keeping the client updated with regard of selected promotional activities that the client shall find interest in. The Company might attend the client directly or use third party solutions in order to do so.
 CLIENT INSTRUCTIONS/ORDERS
7.1 The Client may transmit to the Company instructions and/or Orders only by means of (i) telephone or, (ii) in person or (iii) through the electronic Trading Platform. the Company will acknowledge, in any manner it chooses such instructions and/or Orders and/or communications.
7.2 Where the Client uses means (i) or (ii) above to transmit instructions and/or Orders, the Company reserves the right to reject such instructions and/or Orders should the Company not be satisfied of the Client’s identity or clarity of instructions.
Should the Company decide to accept such instructions/Orders, the Company shall process this through the electronic Platform, as if the instructions/Order was initially received through the Platform. It is stipulated, that limits will be executed under margin restrictions that might cause, among others, limit cancellation in case of insufficient margin status, change in the amount quoted from the platform for positions in case of Stop Loss or Take Profit scenarios and that Stop Loss or Take Profit scenarios does not include overnight Premium .
7.3 The Client accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the Communication System, regardless of how they have been caused, including technical and/or mechanical damage.
7.4 The Company also reserves the right, at its discretion, to partially execute instructions and/or Orders transmitted by the Client.
7.5 Should the Client wish to authorise a third party to act on the Client’s behalf in placing Orders and/or giving instructions, the Client may do so provided that the Client notifies the Company in writing of such intention, comply with the company’s procedures and receives the Company’s written approval. The Company may, at its discretion, refuse to allow third party transactions on behalf of Clients if such third party does not fulfil the Company’s criteria.
Where the Company allows receiving instructions from a third party on behalf of Clients, the Company shall continue to accept such third party instructions/Orders unless the Company receives from the Client a notification of at least 2 days notice specifying termination of the third party authorisation.
7.6 Client instructions and/or Orders cannot be revoked once given. The Company may, at its sole discretion, allow full or partial revocation and/or amendment of such instructions/Order only in exceptional circumstances.
7.7 When using electronic access, a Client may only give the following orders:
(iii)Add, remove or edit orders for Stop Loss, Take Profit and Limit Orders.
7.8 Orders given via telephone can be rejected by the Company if the Client’s instructions are not clear and do not include any of the orders as mentioned in paragraph 7.7 above.
7.9 Orders should be placed, executed, changed or removed during the Operation Hours. The order shall remain valid according to the type and time specified in the order, subject to the trading platform ability; should the order not specify the time of validity of the order then the order shall be considered valid for an indefinite period.
The Stop Loss, Take Profit and Limit Orders shall be executed at the exchange rate declared by the Client, or under certain market conditions, the order might not be executed at the declared price but at the next best price.
Any confirmed order cannot be cancelled by the Client. Should the Client give any order other than the above prescribed then such orders will be automatically rejected.
7.10 Transactions are executed at the BID or ASK price. When the Client knows how s/he desires to proceed, the Client may request a Confirmation for the transaction from the Company. The price at which the transaction will be carried appears on the screen.
The Company, has the right at its discretion to increase or decrease spreads depending on market conditions.
The Company reserves the right to offer the Client a different price if the market volatility of the financial instruments at the completion process remains very high. In such event, the Client may either accept the new price or refuse it effectively cancelling the execution of the order.
It is noted that the bare fact of delivery of instructions by the Client does not the mean that the instruction will be executed unless it is confirmed by the Company.
7.11 Stop Loss, Take Profit, and Limit Orders on CFD contracts Orders, will be executed at the price declared by the Client on the first current price touch or under certain market conditions, the order might not be executed at the declared price but at the next best price. Where there is technical failure either to the trading platform or financial tools or otherwise the Company reserves the right either to offer a different opening/closing price or, not to execute the Order.
7.12 Due to the unprecedented levels of volatility of the foreign exchange market a price declared by the Client may be impossible to reach and therefore Stop Loss, Take Profit, Limit Orders, on CFD contracts may be impossible to execute. The Company reserves the right not to execute the Order or to change the closing/opening price at the next best available price.
7.13 The Company has a discretionary right to close positions from the most unprofitable where the Margin is less than (five percent) 5%.
7.14 The Company shall execute instruction on the earliest and in the best possible way. In the case of trading instruction the Company shall act according to its BEST EXECUTION POLICY which can be found in the Website.
7.15 The Client understands that the trading facilities provided by the platform, may be halted or suspended at any time without a prior notice due to circumstances beyond the control of the Company. In such an event, the Company, or an authorized party on its behalf, may close any open positions the Client may have (by performing a Reverse Transaction) without prior written notice being sent to the client, at fair market value reflecting, as closely as possible, the applicable markets’ exchange rates. The Client hereby waive any claims of indemnification, suits and causes of action against the Company in such event and acknowledge that such waiver is a pre-condition to the validity of this Agreement.
7.16 The Company reserves the right, provided a prior written notice to this effect has been sent to the Client, to cancel any Transaction that due to a System and/or human error, whether under the control of the Company or not, has been executed at an exchange rate which at the time of the Transaction was not the indicative and/or accurate rate of exchange for that said transaction.
7.17 The Client hereby understands and accepts that upon the receipt of any Order and/or message by the Company via the platform the Company will not be held responsible for any delay or error caused during the transmission of such Order and/or message. The Company shall also not be held responsible for any damage caused as a result of such delay or error or for, the non validity of securities or, for mistakes in the Client’s bank account balances.
7.18 The Client further understands and accepts that the Company is entitled to refuse to execute any instructions given either by the Client or by any person authorized by the Client if, in the reasonable opinion of the Company, the execution of such instructions:
(i) would probably result in violation of the standard market practice of the Financial Instruments; or,
(ii) would constitute a violation of the effective legislation of the respective territory, including, but not limited to, legislation on counteraction to laundering of criminal incomes and insider operations; or,
(iii) would affect or may affect the reliability or operation of the Platform; or,
(iv) would place in any manner the economic position of the Client and/or the Company in jeopardy; or,
(v) there are no sufficient funds in the Client Account for withdrawal or to satisfy the requirement of opening a new position together with any related charges. It is noted, that when calculating the amount of the cleared funds, the Company will consider all Clients’s obligations including, but not limited to, obligations on unexecuted but previous registered orders that are deductible from the Client Account.
The Company is not obliged to give reasons or notice as to the reasons for suspending, declining or cancelling Client’s instructions. Additionally, in the event that the Company does decide to suspend or cancel an instruction, such will not affect any obligations owed by the Client to the Company or any right of the Company against the Client or his/her assets.
7.19 Any transaction shall be considered conclusive unless the Client within 2 (two) days from the conclusion of a transaction, contacts the Company either by e-mail or facsimile stating his/her objection as to the execution or, non-execution of his/her Order or, the manner in which his Order was executed.
7.20 In the case where the Client represents more than one person (for example, if these are joint account holders) then :
(i) the liabilities of each such person shall be direct, joint and several;
(ii) the Company may act upon any instructions received from any person being (or considered to be the same by the Company) the aforesaid person, regardless of the fact, whether such person is the Authorized Person;
(iii) any notice and other message presented by the Company to one of such persons is deemed to be presented to all said persons; and
(iv) the rights of the Company in the context of section 10 (ten) shall be in force if the event mentioned in the said section is considered to take place with respect to any such persons
7.21 A daily overnight Premium may apply to each Forex and/or CFD open position at the closing of the Company’s trading day as regard to that Forex / CFD. If such overnight Premium is applicable, it will either credited or debited by the clients account, depending of the nature of the position Customer holds.
7.22 Financial instruments that have an expiration date, if are not closed prior to the expiration date, then the Company will forcibly close them at the last available price
7.23 Where the Company acknowledges and investigates the Client’s deliberate and/or systematic attempts to use prices that do not reflect market prices due to an undetected programming error, bug, defect or glitch in our Web site software or any other reason resulting in mispricing (generally known by the name of scalping, sniping and arbitrage), the Company is entitled to take all or any of the following countermeasures:
(i) to correct the price spread provided to the Client;
(ii) to limit the access of the Client to any continuous, instantaneously usable quotations, and start providing quotations on request only;
(iii) to warn the client that this is not permissible;
(iv) to execute the withdrawal of the client’s deposit;
(v) to stop immediately any relations with the Client by sending a written notice.
 SETTLEMENT OF TRANSACTIONS
8.1 The Company undertakes to settle all transactions upon the execution of Clients’ orders.
8.2 Following the settlement of a trade, the Company will usually present to the Client a Trade Confirmation with respect to the trade or contract entered into by the Company with or for the Client. The Trade Confirmation shall also present details on any open position that was closed by the Company for the Client.
8.3 A statement of Account will be presented to the Client through the Platform by the Company on a monthly basis, within 5 (five) working days from the end of the previous month. Client that wish to get the abovementioned statement of account by email or mail shall apply accordingly providing all necessary details, and the abovementioned statement will be sent to his valid address within 5 working days upon the application acceptance by the Company. In case no transactions were concluded in the past month, the Client is deemed to have lost his right to be informed. 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 filed in writing and received by the Company within two (2) working days from the receipt or the deemed date of receipt of any statement of account or certification.
8.4 In the case where the Client is able to have an online statement for his account on a continuous basis, then the Company is considered as having fulfilled its obligations under Paragraph 8.3 and any objections of the Client shall be valid only if received by the company in writing within 2 working days from the transaction under objection.
 CLIENT ACCOUNTS
9.1 Any amounts deposited by the Client or, held on behalf of the Client by the Company for the purpose of the provisions of the Services, will be kept in a Client Account either in the name of the Client or of the Company’s on behalf of the Client. The Account will be opened with any bank or institution which the Company shall specify from time to time.
9.2 Upon the signing of this Agreement the Client understands and accepts that the Company shall have the authority to make any deposits and withdrawals from the Client’s Account on the Client’s behalf in order for the Company to settle transactions and/or execute Client instructions and/or pay any outstanding amounts that the Client owes to the Company or any other in the performance of the Services.
9.3 The Company may have a lien over the deposited amounts and at its discretion and without the consent of the Client may set-off any outstanding amounts owed by the Client to the Company or, to merge any accounts of the Client with the Company.
Transfer of Funds to the Client’s Account
9.4 Any transfer of funds to the Client’s Account from another bank or financial institution, will be credited in the Account on the first Business Day after the funds have been received by the Company. It is noted, that due to certain cases a number of which are stated herein below, the crediting of the funds may be delayed for a period of up to three Business Days from the date of the funds’ receipt by the Company. If no such case occurs, then the Company shall inform the Client of the bank transfer within 5 (five) Business Days.
A number of cases that may allow the crediting of the funds to be delayed include the following:
(i) temporary suspension or termination of trade on any market;
(ii) no event or impossibility to organize such an event as is essential in order for the Company to provide quotations;
(iii) reasonable expectations about the possibility of such fluctuations.
9.5 The Client agrees that any amounts transferred by the Client or on the Client’s behalf in the Bank Account, will be deposited to the Client’s trading account at the value date of the payment received by the Company and net of any charges / fees charged by the Bank Account providers or any other intermediary involved in such transaction process. The Company must be satisfied that the sender is the Client, or an authorized representative of the Client, before making any amount available to the Client’s trading account, otherwise - the Company reserves the right to refund / send back the net amount received to the remitter by the same method as received.
9.6 In the case where the Client has more than one Account with the Company under his own name, then any transfers between these Accounts will be made, subject to the Clients duly signed written request, within the same day; this means that the funds will be credited on the same day on the one Account as they will be debited in the other Account of the Client.
Transfer of Funds from the Client’s Account
9.7 The Client understands and accepts that the Company has the right to set-off any amounts that the Client owes to the Company from the Client’s account without the prior consent of the Client.
9.8 The Client may also give instructions to the Company to transfer funds between various accounts of the Client with the Company or with another bank or financial institution, provided that all of these accounts are in the name of the Client. It is noted that due to certain cases as stated in 9.2 above, the transfer of the funds may be delayed for a period of up to 3 (three) Business Days from the date of the funds’ receipt by the Company. If no such case occurs, then the Company shall inform the Client of the bank transfer within 5 (five) Business Days.
9.9 The Company shall only debit the Client’s Account to another account held with the Company or, with a bank or financial institution which is in the name of the Client. The recipient of the funds (which must correspond to the Client’s name) shall be specified in the transfer instructions. Transfers from the client’s account with The Company to an account which is not solely on the name of the client shall only be executed to the same venue used for funding the account up and to the extent of the amount deposited. Apart of that under no circumstances the Company will execute payment from the Client’s Account to third parties.
9.10 The Client has the right to instruct the Company to make transfers from the Client Account for trading purposes. The Client understands and accepts that s/he is fully responsible for payment details given to the Company and that the Company shall not be held responsible for the Client’s funds, if the details given by the Client are wrong. In addition, the Company shall not be held responsible for any funds that have not been directly transferred to the Client’s bank account.
9.11 The Client also understands and accepts that the Company has the right to suspend or cancel instructions for transferring funds from the Client’s Account if:
(i) the Client’s instructions imply the transfer or withdrawals of funds to third parties;
(ii) the nature of the Client’s transactions falls within section 7. 23 of this
(iii) the Company has reasonable grounds for suspecting that the instructions to
transfer funds from the Client’s Account were not ordered by a duly authorized person;
(iv) the transfer violates, in any way, the Company’s local and/or banks Legislation.
In the event that the transfer is suspended or cancelled, the Company is under no obligation to explain the reasons for the suspension or cancellation to the Client.
9.12 Funds available for withdrawal from the Client Account, are calculated by the Company according to those funds actually deposited by the Client, plus any funds credited minus any debited funds to the Client Account in accordance with these Terms, minus funds that guarantee the currently open positions
Additionally, unreleased profit of the current open positions and, funds credited within 3 Business Days prior to the date of the Client request for funds transfer are not available for withdrawal.
Finally, where there are no sufficient funds in the Client account at the time when the instructions for transfer is given by the Client, then any such transfer will not be possible.
9.13 The Company may elect to grant a benefit to the Client by depositing bonus amounts in the Client’s trading account, subject to certain terms and conditions specified and publicly published for the specific promotion, as it shall be determined by the Company under its sole discretion. Such bonus amounts may not be withdrawn by Client, if the Client did not meet the relevant promotion criteria. The bonus must be redeemed within 30 days of opening an account.
9.14 Withdrawal rejects - the Company is eligible to reject withdrawal order if the withdrawal order does meet with the minimum requirements set in this Term and Condition agreement. It is the client’s full responsibility to monitor the withdrawal and avoid any actual or future expectation loss with regard.
9.15 The Client understands and accepts to waive any right s/he might have to receive interest from the deposit of funds in an account with a bank or any financial institution and consents that the Company will receive such benefit of interest earned to cover for any registration, administrative, general or any other expense and/or interest for setting up and maintaining the said account. The Client further accepts that in no case shall the Client be allowed to such interest.
9.16 In case of absence of any trading activity within one year of the Client’s account, the Company reserves the right to charge a fixed payment of 10 US dollars per year in order to maintain the account assuming that the Client Account has the available funds. If the Client account is funded by less than 10 US dollars and has been inactive for a period of one year, the Company reserves the right to charge a lower amount to cover administrative expenses and close down the account.
9.17 Dormant account with a zero free balance will be closed.
 LIMITATION OF LIABILITY AND INDEMNITY
10.1 The Company shall not be held liable for:
(i) any loss incurred by the Client including, but not limited to, a decrease in the value of the investment, consequential and other indirect losses, expense, cost or liability, regardless of how such loss was incurred, as a result of the Client’s use of the Services provided by the Company;
(ii) any loss incurred as a result of the actions of the Company as per its rights conferred upon by this Agreement;
(iii) any omission, wilful omission or fraud by any person or company who/which gives instructions to the Company to execute Orders and/or other actions on behalf of the Client;
(iv) any loss including but not limited to, consequential or other indirect losses, which was incurred as a result of the Company’s omission or, negligence or otherwise;
unless such loss is caused as a result of the Company’s gross negligence, deliberate omission or fraud.
10.2 The Client acknowledges, understands and accepts that the Company acts in good faith and with due diligence and that the Client is obliged to indemnify the Company for all losses, expenses, costs, liabilities of any nature (including present, future or contingent or otherwise including reasonable legal fees) the Company may incur as a result of or in connection with :
(i) the provisions of the Company’s services;
(ii) the Client’s breach of this Agreement;
(iii) the Company taking any steps that it is rightfully entitled to upon an Event of Default;
(iv) the disposal of the Client’s Financial Instruments to cover a claim;
(v) the non-execution or non-fulfilment of an Order and/or statements and/or instructions of the Client, by the Company;
10.3 The Client further acknowledges, understands and accepts that any market information or other information communicated by the Company, including (but not limited to) signals and trading trends provided by the Company or by its affiliated providers (as aroundfx etc.), does not constitute an offer to buy or sell, or an investment strategy or, otherwise and that such, information is presented by the Company from sources believed by the Company to be reliable and for informational purposes only. It is stipulated that the trade signal appears in the Company’s website is powered by a third party. This trade signal is not an investment advice, it does not assure winnings and acting upon the signal is the under a trader's sole responsibility. Such information may be incomplete or inaccurate and the Company at any time makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to the Client.
10.4 The right of indemnifications and/or compensation by the Client shall survive any termination of the Client Relationship.
 COMPANY FEES
11.1 In case the client’s activity involves Fee charges, the fees shall be paid to the Company by the Client immediately upon request. The Client Authorizes the Company to debit the Client’s account with any VAT (Value Added Tax), contribution or charge with regard. Taxes payable by the Company in relation to profits or income are excluded.
11.2 For any amounts due to the Company it shall have a lien over any deposited amounts in the Client’s accounts stated in section 9 (nine) above and, on the Client’s statements of Financial Instruments. No consent will be required to be obtained prior to the exercise of such right but, the Company shall serve notice to the Client stating the Company’s intention. The notice shall also state a specific timeframe at the end of which the Company shall exercise the said right and therefore, giving time to the Client to fulfil his/her obligations.
Should the Client fail to pay any outstanding amounts to the Company by the end of the timeframe stated on the notice, then the Company will be entitled to debit the accounts as stated herein in order to cover for the outstanding amounts in addition to any privilege granted by this agreement and the law.
11.3 If a new account is inactive, an Inactive Account Fee of up to 10 US dollars will be assessed.
(i) A new account is defined as an account that has not had any orders completed.
(ii) An account is considered inactive if no trading activity has occurred for a period of 90 days.
(iii) The Inactive account fee is assessed monthly until the account is reactivated or remitted to the appropriate state as unclaimed property.
(iv) If there are insufficient funds in the account for this purpose, The Company reserves the right to charge a lower administrative fee and/or to close the account.
12.1 All personal data shall be treated as confidential and handled as prescribed in the applicable Laws and Regulations for the protection of such data.
12.2 Neither party shall disclose any information relating to the business, investments, finances or generally any confidential matters, which may come to either party’s possession upon execution or, as a result of the execution of this Agreement. Such an obligation shall not apply where it is otherwise expressly provided in this Agreement and/or where such is imposed by the applicable legislation, Laws, Regulations and Directives in force.
12.3 The Company has the right to disclose information on the Client’s transactions or such other information as it may be required by law, rule or regulatory authority or in order to comply with any obligation of the Company requiring the Company to proceed with such a disclosure.
12.4 By accepting these Terms the Client also accepts the Confidentiality clause that appears on the main page of the Website, which forms an integral part to this Agreement. The Website, Software (including the platform) and Documentation contain material that is protected by international copyright, trade secrets and trademark laws, and by applicable international treaty provisions as stated in the Trademarks and Copyright which can be found in the Website which is an integral part of this Agreement. All rights not granted to The Client herein are expressly reserved by the Company, or its applicable licensors, suppliers or partners. The Client is not allowed to remove any proprietary notice of the Company from any copy of the Software or Documentation.
12.5 The Company may provide links to other sites that are controlled or offered by third parties. The Client shall make sure s/he understand the risks involved in using those site(s) before retrieving, using, relying upon or purchasing anything via the Internet. Links to these web sites are provided solely for The Client’s convenience, and The Client agree that under no circumstances will s/he hold the Company liable for any loss or damage caused by the use of, or reliance on, any content, goods or services available on other sites.
 THE COMPANY-CLIENT RELATIONSHIP
13.1 Upon the execution of orders and completion of transactions the Company reserves the right to employ, use or appoint third parties who are qualified and trained to undertake such transactions.
13.2 The Company shall act with integrity and fairness with its clients/Clients and counterparties and shall adopt a CONFLICTS OF INTEREST POLICY as it appears in the Website in order to resolve any possible conflicts of interest that may arise either between the Company and the Clients or between, the Company’s counterparties and/or employees and/the Clients or between the Clients.
14.1 The Company reserves the right to instruct and/or appoint a Counterparty at the Company’s discretion in order to give effect to the Client’s Instructions and Orders.
14.2 The Company shall not be responsible for any errors, omissions committed by such Counterparties unless it is proven that the Company has not acted with sufficient care when selecting these Counterparties.
 TERM AND TERMINATION
15.1 This Agreement is valid and effective from the first time the Client Account is funded subject to the Company final approval, provided that the Company has communicated to the Client its written confirmation. The term of this Agreement shall be for an indefinite period until it is terminated as per the provisions this paragraph as set below.
15.2 Either party has the right to terminate this Agreement by giving written notice to the other party of at least 8 (eight) days. In case of Client Termination, the first day of the notice shall be the date such notice has been received by the Company.
15.3 Termination shall not affect any accrued rights and existing commitments or obligations of the Client. In case of termination the Client shall pay:
(i) any expenses incurred or will be incurred by the Company due to the termination of this Agreement;
(ii) any outstanding fees or other amounts payable to the Company;
(iii) any other damages incurred by the Company as a result of the termination;
15.4 The Company has the right to terminate this Agreement immediately upon the occurrence of an Event of Default. For the purposes of this section an Event of Default shall occur in the following cases:
(i) the death of the Client;
(ii) the Client becomes insolvent, enters into receivership, is the subject of a voluntary or involuntary bankruptcy proceeding, or makes an assignment for the benefit of creditors;
(iii) a substantial part of the Client’s property is or becomes subject to any levy, seizure, assignment or sale for or by any creditor or governmental agency;
(iv) such termination is required by any competent authority or body;
(v) the Client breaches any provision of this Agreement and fails to remedy such breach within 10 (ten) calendar days of receipt of the written notice describing the occurrence of a breach hereof;
(vi) the Client involves the Company either directly or indirectly in any act of fraud.
15.5 If and when an event expressed in section 15.4(vi) above occurs, prior to terminating the Agreement, the Company reserves the right to reverse any or all previous transactions taken by the Client that the Company believes that put its interests at risk.
15.6 On termination, the Company and the Client undertake to complete all transactions already entered-into and the Terms shall continue to bind both parties in relation to these transactions. Should all transactions be completed the Company shall return to the Client all of the Client’s assets in the Company’s possession. Prior to the return of such assets, the Company reserves the right to deduct all amounts that are due to it or that are necessary to close any pending obligations of the Client.
16.1 The Agreement may be amended in the following cases:
i. By the Company if an amendment is necessary following an amendment of the law or if relevant authority issued decisions which affect the Agreement. In any such case, the Company shall notify the Client of the said amendment either in writing or through its webpage and the Client’s consent shall not be required for any such amendment.
ii. In cases where the amendment of the Agreement is not required as in paragraph 16.1(i) above, the Company shall notify the Client of the relevant amendment either in writing or through its webpage. If objections arise, the Client may terminate the Agreement within 15 days from the notification by sending a registered letter and on the condition that all pending transactions on behalf of the Client shall be completed. Upon expiry of the above deadline without the Client having raised any objection, it shall be considered that the Client consents and/or accepts the content of the amendment.
17.1 The Client does not have the right to assign or, transfer the rights and/or obligation conferred hereunder to any third party.
17.2 The Company reserves the right to assign and/or transfer to any person, firm or corporation or otherwise its rights and/or obligations that arise or will arise under this Agreement.
18.1 Any notice, instruction, request, authorization or other communication required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon receipt, if such notice, instruction, request, authorization or other communication is addressed to the Company at the address set forth on the first page of this Agreement, or as subsequently modified by written notice.
18.2 The Company shall have the right to change the method of communication should the Company requires so.
 GOVERNING LAW AND JURISDICTION
19.1 The Company-Client relationship and the terms of this Agreement shall be construed in accordance with the Laws of the British Virgin Islands.
19.2 The parties agree that the District Court of the district in which the Company’s headquarters are located shall have exclusive jurisdiction and be the sole venue in disputes arising under this Agreement.
19.3 This clause shall survive termination of this Agreement.
20.1 Operation Hours: the Company’s operation hours for placing orders and/or for
trading CFDs is round the clock, 22:00 GMT (21:00 DST) Sunday through 22:00 GMT
(21:00 DST) Friday. For other financial instruments please refer to our website and the
platform for additional information. The operation hours can be extended (also due to market
movements) from time to time without prior notice. Holidays will be announced
through the Website.
20.2 Communications Recording: The Client understands and accepts that all
communications and/or conversations between the Client and the Company may
be recorded for future reference and can be used by the Company as an evidence in case of dispute.
20.3 Marketing and Promotions: The Company reserves the right to register and
operate other domains (websites) for marketing and promotional purposes
to specific countries which contain information and disclosures to clients, and
prospective clients, in any language other the English language.
20.4 Entire Agreement: This Agreement between the Client and the Company
represents the single and entire Agreement and completely supersedes any prior
representations, negotiations, obligations, reports, or advertisement of information
related to the provision of the Services.
20.5 Metatrader 4 disclaimer:
The following additional terms apply to clients utilizing the company's MT4 Platform and/or MT4 Multi Account Manager (the "Program"). If the client utilizes the Program, the client agrees to the additional terms set forth hereinafter (the "Additional Terms") and the client authorizes the company to act accordingly. These Additional Terms apply in addition to the general terms and conditions set out above. If there is a conflict between these Additional Terms and the general terms and conditions set out above, the provisions of these Additional Terms shall prevail.
a. The Client wishes to utilize the Program to execute trades and to direct trade orders and trade details to the Company. The Company will allow the client to insert an Expert Advisor onto the program, for automated trading, however the Company will not provide the client with Expert Advisor. It is the clients choice to find it and use it at his own risk.
b. The Client fully understands and agrees that the trade details are generated by the Program and not by the Company and that the Company's responsibility is to use commercially reasonable efforts to enter orders pursuant to the trade orders and trade details generated by the Program and as received by the Company. The Client acknowledges and agrees that the Client have made inquiries and conducted research into the Program sufficient to make an informed investment decision. The Company cannot imply or guarantee that the Client will make any profit from the Program and the Client agree that the Company will not be held responsible for the Program's performance or trading losses incurred in the Client’s account as a result
of trading pursuant to the Program.
c. The Company will enter trade orders for the Client’s account in accordance with the trade orders and trade details generated by the Program. The Client understands and acknowledges that the Client’s trading access through the Program will be provided by the program provider and not by the Company.
d. If more than one client of the company is using the same system or service on the Program, The Client acknowledge that the Company may enter block orders to enhance order execution, in which case a fair and systematic fill allocation method will be employed. The Client understand and acknowledge that the Company will only be responsible for using its commercially reasonable efforts to execute, in a timely fashion, the trade orders and trade details generated by the Program.
e. The Company shall not be responsible for any error or malfunction of the Program, mechanical or communication line failure, system errors, data failure or any other causes beyond its control. The Client understands and acknowledges that the Company can accept and execute orders only if actually received or generated and then on a "not held" basis (i.e. the Company shall not be held responsible for the execution of the order at the price indicated by the Program or otherwise).
f. The Client acknowledge that the Client have had the opportunity to ask questions as to how the Client’s account will be handled and understand and acknowledge that the Client have not purchased the Program from the Company. The Client understands and acknowledges that there is no trading system or recommendation service, including the Program, which is free from the risk of loss. The Company does not imply or guarantee that the Client will make any profit and the Client acknowledge and agree that neither the Company nor any of its officers, directors, employees, consultants, agents or affiliates will be held responsible for the performance of the Program or trading losses in the Client’s account.
g. The Company may act upon the authority given by this MT4 disclaimer until the Client revoke the authority by written notice addressed and actually delivered to the Company, in accordance with the instructions and details on the abovementioned terms and conditions. The Company may also terminate the authorization over the Program at any time for any reason at its sole discretion and, in such instance, will provide the Client with written notice. The Client acknowledge and agree that the Client shall be responsible for any open lots in the Client’s account at the time the Client’s authorization over the Program is terminated. The Client acknowledge and agree that the Client shall permit the Company to execute offsetting orders for any open lots in the Client’s account at the time the Client’s authorization over the Program is terminated.
h. The Client acknowledge and agree that, in the absence of willful or wanton misconduct, neither the Company nor any of its officers, directors, employees, consultants, agents or affiliates will be held liable for any act or omission in the course of or in connection with the Clients participation in the Program. The Client acknowledge and agree that the Client shall indemnify the Company, its principals, officers, directors, employees, agents, successor and/or assign from all losses and/or liability (including reasonable attorney's and/or accountant's fees) incurred or resulting from this letter of direction to utilize the Program, provided that there has been no judicial determination that such liability was the result of gross negligence or recklessness or intentional misconduct by the Company, and further provided that the conduct that was the basis for such liability was not undertaken in the actual and reasonable belief that it was in the best interest of the Client’s account.
22. CLIENT DECLARATION
The Client declares that:
i. S/He is over 18 and to the best of his knowledge and belief, the information provided in Investor’s Questionnaire, and any other documentation supplied in connection with the application form, is correct, complete and not misleading and he will inform the Company of any changes to the details or information entered in the Investor’s Questionnaire.
ii. S/He is complying with the restrictions policies, stipulated in the Company’s Website.
iii. S/He has read and went through all information provided on the internet regarding the Company, its services offered.
iv. S/He has carefully read and fully understood the entire text of the above terms and conditions Agreement with which s/he fully and unreservedly agrees;
v. S/He consents and agrees to direct advertising through cold calling, either by phone or personal representation, facsimile, automatic calls, email or other phone, electronic or digital means by the Company.
vi. S/He accepts to be notified separately in writing if the Company pays commission/ fees to anyone outside the Company who introduced the Client or who acts on behalf of the Client.
vii. S/He has chosen the investment amount, taking his total financial circumstances into consideration which he considers reasonable under such circumstances.
viii. The Client acknowledge that the Company reserves the right to cancel any transaction and any financial contract which is acquired or sold at prices that do not reflect its market prices or at an abnormally low level of risk, due to an undetected programming error, bug, defect or glitch in the website and / or the software or any other reason resulting in mispricing. The Client have a duty to report to the Company any inadequacies the Client may experience