Terms and Conditions
This Client Agreement is entered by and between Western Capital (The “Company”), and the client (the “Client”) or legal entity that has applied to open a trading account with the trading platform operated by the Company for the execution of transactions with financial instruments in accordance to the terms of this Agreement.
1.1 The terms written in this Agreement (the “Agreement”), as well as the Company’s Risk Disclosure Document, are going to govern over the relations between the Company and the Client with respect to the execution of foreign exchange, shares, indices and other financial instruments’ rates (“Forex Trading”), via the Company’s trading platform (“Trading Platform”) that is provided by the Company to the Client, as well as any other service provided by the Company to the Client (the “Company’s Services”).
1.2 The Company will set instructions and rules relating to the Client’s account and trading conditions in the account, including and not limited to the minimum account size, minimum account activity, bonus terms, limitations on leverage, fees, rules that relate to margin requirements etc. The Company will be entitled to change the aforementioned rules and instructions from time to time.
2 The Trading Account
2.1 A trading account (the “Trading Account”) will be opened by the company for and on the Client’s name, and will be subject to the registration of the Client with the Company according to the Company’s requirements, which includes providing complete and accurate Client information, as required for the Account to be opened, as well as by presenting identification documents including a copy of an identification certificate, a passport, a copy of a credit card from both of its sides, and a valid proof of address by presenting a government vendor or other utility bill (water, city tax, electricity, ‘etc.) that is no older than three months. In the event that the deposit was made via a credit card, the Company requires that the Client send a copy of his/her credit card number. The copy of the front of the card must contain the first six and the last four digits with the Client’s name and card expiration date. The back side of the copy must have the Client’s handwritten signature. The CVV code written on the back of the card is to be hidden. The Client authorizes the Company to rely on and act according to any request, guideline or other message appeared to be from the Client, without further examination by the Company as to the authenticity, veracity, or the identity of the person who delivers or purporting to deliver such request, guidance or message. The Client undertakes to provide complete and accurate information regarding him/herself. In the event that there is any change in the information that the Client originally provided the Company with, the Client must immediately report this fact to the Company.
2.2 According to its sole discretion, the Company may choose to act as a mediator and ensure the coverage of Client transactions by different brokers, as well as act as a market maker and be the counterparty to the transaction of the Client. Under no circumstances will the Company serve as a trustee or an agent of the Client or on his/her behalf. The Client acknowledges that he/she is acting for himself and not as agent or trustee on behalf of someone else. Consequently, the Client agrees that he/she will be directly and fully responsible for performing his/her obligations under this Agreement, which includes respecting any Transaction made by or on behalf of the Client. The Company will not accept any other person as an indirect client in accordance with this Agreement and will accept no obligations to any such person unless expressly agreed upon in written form.
2.3 Usage of the Trading Platform is based on the limited, personal, non-transferable and exclusive license granted to the Client. It is strictly forbidden for the Client to transfer and/or assign and/or allow another person to use the license and/or act in the Client’s Account to someone who is not a Client, and/or transfer the username and password to the Account to any other person.
2.4 The use of the Trading System and the Company’s Services is permissible to individuals that are above the age of 18 only. The Client must ensure that there is no legal obstacle of any kind obstructing said activity. The Client must also ensure that he/she has fulfilled any legal requirement needed for the use of these services.
3 Margin Funds
3.1 The Client must provide the Company with sufficient margin in order to secure the results of the trading activity in the account as a condition for performing transactions in the Company’s Platform. The Funds will be used for Transactions, which includes trading Losses, commissions, and/or any other fee that is owed to the Company by the Client, and will be deducted automatically from the Client’s Trading Account. The Client’s Funds will not accumulate any interest or any other rights, except for rollover or swaps interest, which will be defined below. Trading in CFD’s (Contracts for Differences), Foreign Exchange or other trading methods that relate to an underline security will not grant the Client any right to voting, dividends, allocation or other Benefits. It may, however, be subject to adjustments according to financial events which affect the underlining security, such as the distribution of dividends, stock price splits etc.
3.2 The Client obligates and guarantees that the Margin funds do not originate from any criminal or illegal activity and are therefore in no violation of Anti Money Laundering laws and regulations in the world.
3.3 If the Company suspects the Client in any kind of acts of cheating, fraudulent activity, forgery and/or any breach of law or this Agreement, the Company may at any given time, and according to its sole discretion, block the activity in the Client’s Trading Account.
3.4 The Company is entitled by the Client to collect any fees and payments owed to the Company from the Trading Account. In the event that the Client is incapable of providing sufficient funds to cover his/her liabilities, the Client is to immediately deposit additional funds upon demand from the Company. If the demands are not met, the Company may close the transaction in the Client’s Account.
3.5 The Company will not provide any physical evidence that is related to any Transaction. Profits and/or losses will be considered as completed only after the Transaction is closed.
3.6.1 Different methods of payment and in different currencies as agreed upon by the Company from time to time are available for depositing funds to the Company. The Trading Account will be converted and managed in the Trading Platform either in US Dollars or the Euro, as applicable, according to the rates published on the same day. The Company utilizes funds clearing and transfer solutions from different suppliers and may receive funds through a third party that is subject to the applicable law.
3.6.2 In accordance to Anti-Money-Laundering laws and regulations, the Client is required to use his/her own Bank account exclusively when making a deposit via a bank transfer or with a credit card. The Client is required to send the Company a legitimate SWIFT confirmation, stating the full and complete details of the transmitting Bank account. In the event that certain details do not match to those of the Trading Account or there is a failure in delivering the SWIFT confirmation, funds may be prevented from being deposited into the Trading Account.
3.6.3 The Company does not accept funds in the form of cash. The Client will be required to be identified according to the Company’s regulations and the applicable law while making a funds transfer to the Company by cheque or other payment methods permitted by the Company.
3.6.4 The Company will carefully maintain the Client’s Funds. The Company will have the right of using the Client’s funds to cover the Client’s transactions and obligations based on the Client’s trading activity according to the Company’s sole discretion and subject to the Company’s contractual obligation to refund and/or pay money to the Client based on the terms of this Agreement. It is entirely up to the Company to determine the amount of Margin required and the Clients obligations to the Company.
3.7.1 When the Client decides to withdraw funds from the Trading Account, the withdrawal procedure will be made in the same currency and to the same account and/or credit card from which the funds were originally deposited.
3.7.2 The Client will have no claim and/or demand against the Company and will not hold said Company responsible in the event of any delays and/or differences in rates custom at financial institutions such as credit card company’s banks.
3.7.3 Withdrawal requests are to be submitted exclusively through the Company’s website. In case any other withdrawal request is used, the Company is under no obligation to approve it.
3.7.4 If a Client makes a withdrawal request, the Company will transfer the requested amount (minus any transfer fees, if appropriate) after the Client was identified by the Company as subject to the Margin requirements set by the Company.
3.7.5 If, according to the Company’s discretion, the remaining balance after the withdrawal is not sufficient to guarantee the open trades in the Trading Account, the Company is allowed to cancel the withdrawal request.
3.7.6 In the event that the Client’s account has been experiencing no trading activity, the Company will charge a fee equivalent to 25% of the deposit amount upon the withdrawal of all of the deposit in addition to any other fees determined in this Agreement.
3.7.7 The minimum withdrawal amount is equal to or higher than $100 or €100 (depending on account currency). Any withdrawal amount below minimum withdrawal amount will be subject to a $30/€30 fee.
4 General Bonus Policy
4.1 Clients may be offered trading bonuses and/or preferred trades (with a preferred strike price) by the Company. The total trading bonus amounts and the total preferred trade principal amounts are hereinafter collectively referred to as Bonus.
4.2 The bonus will be calculated based on a certain percentage of the deposit and will be granted as a one-time bonus with respect to such deposit and in such way as determined by the Company.
4.3 For a Client to receive a bonus, he/she must meet certain requirements. No limited to, they are the following: the complete compliance of documents, a deposit of new funds and the signing of additional Terms & Conditions. In order to request a bonus/preferred trade and to learn the exact, up-to-date requirements to receive one, contact your account manager.
4.4 The bonus will become withdrawable subject to the execution of 20 traded Lots per $100 of the bonus (Trading Volume).
4.5.1 Keep in mind, that when calculating the overall trading volume:
- – Short-term positions that are under 33 minutes long will not be counted towards the overall trading volume;
- – “In” and/or “out” hedging positions will not be considered or counted towards the overall trading volume, no matter when the hedge is placed
4.5.2 In and Out: For the sake of avoiding any doubt, when opening and closing a trade (“In” and “Out”), only the amount of funds that were used to enter the trade (“in”) will be used in the calculation for the Trading Volume.
4.5.3 Lots Key: Various assets have different volume counts for defining a Lot. Your administrator and manager will advise you of the relevant Lot Key.
4.6 For a Client to withdraw or transfer any amount of funds from an account that has received a Bonus, the Client will be required to execute the aforementioned minimum Trading Volume. Once the required Trading Volume has been reached, the Client’s account will resume its trading and withdrawal status under the General Terms and Conditions.
4.7 All trading bonuses and preferred trades are final, meaning the Bonus Amount cannot be removed once it has been credited to the Client’s account. Should such a withdrawal or transfer occur, it will automatically cause the forfeiture of all Bonuses and profits in the aforementioned account.
4.8 The Company may change the terms and conditions for receiving a Bonus at any given time.
4.9 In order to avoid any further complications, it is agreed upon by both The Company and The Client that investment funds will always be used first during trading operations, and only after, the accumulated funds, or funds obtained from preferred trades and/or bonuses.
5 Social Trading
5.1 The Company can activate the “social trading” service in the Client’s account as per the Client’s request, as provided by a third party (hereinafter: the “Social Trading System”).
5.2 The Social Trading System allows the Client to observe and mimic transactions in his/her account according to actual transactions conducted by other Clients of the Company and this parties (the “Traders”). The choice of the Trader is done solely by the Client, as is the commencement and termination of following the Trader’s account.
5.3 Two options are available for copying the Trader’s transactions: (1) via a fixed volume, regardless of the volume of the original transaction; or (2) by redistributing an amount that is available for copying, unrelated to the Trade’s transaction, as well as the ratio between the Trader’s transaction and the transaction executed in the Client’s account that will be determined according to the ratio between the amount allocated to the Client’s transaction and the volume of the Trade’s transaction.
5.4 At any given time, the Client has the option to independently close any transaction, with the option of doing it through the trading room.
5.5 Ratings of Trader’s or past performance or any other kind of information published in connection with the Trader will not be considered as advice, promise or any kind of guarantee for future success. The Company may present the Client with specific Traders, without the aforementioned being considered as recommendations to follow any specific Trader and/or for making use of the System. The Company does not engage in any kind of arrangements with any of the Traders that are registered within the Company’s system.
5.6 It is not recommended to trade solely based on copying other Traders activity.
5.7 The Company does not give any guarantees that all of the Trader’s trading orders will always be copied and/or executed correctly in the Client’s account. This includes orders to open and close a transaction. Hence, the Client is to carefully monitor the open transactions in his/her Account.
5.8 The Client is fully responsible for performing ongoing monitoring over his/her Account and assessing all the risk to which the Account is exposed to. The Company does not supervise over the performance of the service and/or Traders, trading volume, trading methods, suspension of trading by the Trader etc., and it under no obligation to alert the Client of any potential risks. The full responsibility for the Transactions in the Client’s account is entirely on the Client, and the Client hereby waives, in advance, any claims regarding the results and/or the scope of activity in his/her Account with respect to following Traders.
5.9 The content, information, and services that the Social Trading System offers, as well as the Company and its representatives will not bear any responsibilities for the services suitability to the Client’s needs or goals. The Company does not guarantee that the accuracy and quality of the information, fitness for any purpose, completeness, reliability, integration, and compatibility with any computer program on the Client’s computer. Additionally, the Company does not guarantee that the use of the services provided by the Company will be uninterrupted and/or immune to disorders and/or failure and/or malfunctions and/or any damage.
6 Fees & Charges
6.1 The Company will charge a fee for the execution of Transactions on several Financial Instruments that are offered by the Trading Platform. Based on the Client’s classification by the Company, the Fee will vary. The Company derives its revenue from the spreads on the Transactions, which is the difference between buy/sell price quotes offered by the Trading Platform to the Client. It is entirely up to the Client on whether he/she will decide to trade at such prices.
6.2 Islamic accounts will be charged with a fee if they hold a transaction open for more than two days. Each third night following the opening of the transaction the Client’s account will be charged with a commission of the Spread amount of the open transaction.
6.3 Company may charge a commission for depositing funds into the Trading Account and/or during withdrawals by the Client. The Company may also introduce additional fees and charges, as well as change existing fees and charges at any given time.
6.4 Inactive Trading Account – In the event that the Client did not partake in any trading activity in his/her Account for such a period of time determined by the Company or the trading activity is at low level according to the Company’s determined standards and/or if the Client does not hold the required minimum amount of funds in his Trading Account as determined by the Company from time to time, the Company is permitted to charge the Client with an administrative fees equivalent to 25%. The time period which will classify the Client’s Account as inactive will calculated based on the date of the opening or closing of the last transaction in the Client’s account. The Company may change the terms and rules under this section, including the duration by which the account will be defined as inactive, the level of activity in the account that shall be classified as a low level of activity, the minimal amount of funds that the Client is required to hold in the Trading Account, as well the size of the commission for an inactive classified account.
7 Trading Terms
7.1 The Trading Platform provided by the Company enables trading in exchange rates of different currencies, and CFD’s of different financial instruments made available on the Company’s Platform (all herein: “Financial Instruments”). When using the Trading Platform, the Client is being displayed with ask and bid prices for performing transactions in Financial Instruments based on prices received from different financial information systems as inductive trading prices on the markets. For determining the trading prices, the platform is making mathematical calculations according to known and accepted formulas.
7.2 Every night at 22:00 GMT, Transactions are automatically renewed by the Trading Platform server’s clock, which is automatically synchronized according to Cyprus time.
7.3 A Transaction ends in any of the following events:
7.3.1 The Client initiated the closure of the Transaction
7.3.2 The Transaction rate meets with a predefined stop loss, take profit or other criteria set by the Client or the Company beforehand under the terms of this Agreement.
7.3.3 The Transaction expiry date has been reached, in certain transactions, as set by the Client or the Company, according to the case.
7.3.4 The Client does not have access to sufficient funds in the Account, therefore the Company will perform an enforced closing of the Transactions according to the Company’s sole discretion. This is done for purposes of compliance with the trading margin requirements set by the Company to the Client.
7.4 The Client can submit orders via the Trading Platform that was supplied to the Client by the Company or by written orders, which includes fax, E-mail, via electronic means of communication, or verbally, including via the telephone. That is unless the Company informs the Client that a particular order can only be submitted in a particular way.
7.5 The Company does not permit the execution of opposite Transactions at the same time for Transactions that are based on market differences, that are made during information publications (macroeconomic notices), suspension of trading, price or time manipulation transactions, prices freeze, including illegal scalping and exploitation of arbitrage between different systems, as well as Transactions found by the Company as an attempt to perform such forbidden Transactions.
7.6 The Client gives authorization to the Company to rely on and act according to any order, request an instruction provided by the Client or any person authorized on the Client’s behalf. This can be done without further inquiry on the part of the Company as to the authenticity, correctness of authority or identity of the person that is providing or purporting to provide such an order.
7.7 Should the Client request to cancel any order, the Company can only cancel such orders if it has not already acted upon such order, or if otherwise agreed by the Company.
7.8 The Company is under no obligation, but does have the right to set limits and/or certain parameters in relation to the Client’s account and the trading orders, at its absolute discretion. These limits and/or parameters may be increased, decreased, amended, removed or added by the Company. This includes, among other things and not limited to: (1) limits over maximum trading order size and the overall number of order; (2) limits over single trade exposure or the total exposure of the Client; (3) limitations over leverage for various Financial instruments and more.
7.9 From time to time, the Company, under its sole discretion, is fully capable of preventing and/or otherwise limiting the opening of short positions by the Client concerning all types of cryptocurrencies.
7.10 On its own discretion, the Company is permitted to cancel or correct any transaction that has been executed in relation to an error, system malfunction and/or breach of the Agreement by the Client. The Company’s records will serve as decisive evidence for the correct exchange rates in relation to the Client’s accounts.
7.11 Benefits – The Company can provide benefits or different grants to the Trading Account from time to time. These benefits can be offered for a limited period of time and/or supply. The Company is permitted to freeze, change, cancel etc. these benefits on its sole discretion from time to time.
7.12 The Company is permitted to, but not obligated, to send its Clients, either all of its Clients or either part of, notices and updates regarding an underlying asset trading conditions, such as expiration dates on CFD contracts and more. The Client will have no claim against the Company for not sending these notices and/or updates or regarding the correctness and validity of the information in such notice. It is ultimately and solely the Client’s responsibility to be familiar with the trading conditions in assets that he/she is trading on.
8 Orders types
8.1 Buy – An order for buying an instrument at a price available for trading on the Trading Platform that is provided by the Company at the time of order.
8.2 Sell – An order for selling an instrument at a price available for trading on the Trading Platform that is provided by the Company at the time of order.
8.3 Limit Order – A Buy or Sell order that is restricted to a certain price. Any Limit Order has a specific price limit that is determined by the Client and is subject to the Company’s consent. A Limit Order is triggered under the condition that the Company’s Bid price, in the case of a sell order, is the same or higher than the Limit price set by the Client or if the Ask price, in the case of a buy order, is the same or lower than the Limit price set by the Client. When the trading price set by the Company reaches the price defined by the limit order, the limit order is activated, leading to the Company seeking to execute the order at that price. In the event that the Company is not capable of executing the order, due to various changes during the order’s execution, the limit order will once again wait for the Client’s determined price to be triggered and activated.
8.4 Stop Loss Order – An order that is used for closing a transaction at a predetermined price set by the Client with the intent of limiting the potential losses. The Company is under no obligation to perform the closure of the Transaction at the predetermined price by the Client due to changing market conditions.
8.5 Take Profit Order – An order for closing a transaction at a predetermined price set by the Client with the intent of closing the transaction once a certain profit has been achieved. Once the trading price offered by the Company has reached the target price of the limit order, the limit order activates and the Company seeks to execute the order the aforementioned price. In the event that the Company is not capable of executing the order, due to changes in trading prices during order execution, the limit order will once again wait for the price set by the Client to be triggered, after which it will be executed.
8.6 Buy Stop Order – A Buy order whose purpose is to purchase an instrument at a price that is set by the Client and is higher than the price the Instrument was traded at when the order was originally transmitted. The purchase will be executed when the instrument’s trading price on the Platform will reach the price set by the Client and/or if the order cannot be executed at the price that was set by the Client, due to volatility of the instrument’s pricing, after which the order will be executed at the available trading price on the Trading Platform which is closest to the price that was set by the Client and in which the order is applicable.
8.7 Sell Stop Order – A Sell order intended to sell an instrument at a price set by the Client that is lower than the price the instrument is originally trading at when the order is transmitted. The selling will be executed when the instrument’s trading price on the Platform will reach the price set by the Client and/or if the order cannot be executed at the price that was set by the Client, due to volatility of the instrument’s pricing, after which the order will be executed at the available trading price on the Trading Platform which is closest to the price that was set by the Client and in which the order is applicable.
8.8 Among other things, the Company does not guarantee: (1) to open transactions at the price determined by a stop order; (2) to execute orders based on hedged transactions (two stop orders located in opposite directions of each other and in the same or similarly correlated currencies); (3) to execute transactions during slippages or spikes in the markets or if trading on the markets is interrupted or ceases altogether; (4) trading with instruments that do not have daily 24-hour trading such as CFD’s on indices, commodities such as oil, and other currencies and instruments, during the holidays, weekends, news announcements, special events and/or economic crises’.
8.9 Swaps or Rollovers – The Client’s Transactions are automatically transferred (rolled over) on to the upcoming business day without the need for the Client’s intervention. These rollovers are usually followed by overnight changes in currency interest which will affect the Trading Account. For instance, in the event that the Client has a position open on Wednesday at 24:00, the Client will be charged with a Swap commission for a total of three days.
8.10 Margin call – The amount of money that the Client deposits as a guarantee to hold positions are called Margin funds. When a Client opens a position whose size exceeds the funds that were deposited into the Client’s Trading Account, the Client begins to make use of leverage. The Client agrees to deposit, upon demand, additional funds as required guarantees for the Company in order to secure potential losses. In the event that the Client fails to meet the margin call, the Company is permitted to close the Client’s positions at prices and times that are not necessarily favorable to the Client. The Company will not be liable in any way in such a case.
8.11 Now and in the future, the Company, under its sole discretion, will be permitted to close some of the Client’s open positions as well as limit the Client’s ability to open additional positions in the event that the margin in the Client’s account amounts to 50% or less of the Client’s open position value. It should not be assumed that the Company will act this way all the time.
9 Data Usage and Privacy Protection
9.1 The Company will hold some of the information related to the Client in the Company’s databases due to the nature of the Company’s services and relations with the Company’s customers. All data that is collected, be it kept in computerized or physical form, will be safeguarded by the Company in a way that the Client’s Privacy and access to such information will be restricted according to the need to provide services to the Client and the Company’s operations.
9.2 The Company will be permitted to use and/or disclose the Client’s information: (1) for use internally, which includes use with affiliated entities and/or service providers that are necessary for providing provisions of service to the Client and who are obligated to maintain confidentiality; (2) as permitted and/or required by law; (3) for protection against potential fraud or unauthorized transactions and/or behavior; (4) for computerized supervision over the Client’s use of the Services; (5) for the protection of the Company’s rights and/or obligation to observe any applicable law.
9.3 The Client permits the Company and gives his/her full permission to make use of his/her details for the sake of providing updates and/or information and/or promotion and/or marketing information via the Client’s email address. The Client may cancel his/her consent to this by providing a written notice to the Company. The consent will apply to new publications and notifications that have not yet been sent out.
9.4 The Client agrees to the fact that conversations and correspondence between the Company and the Client can be recorded.
9.5 The Company can pay or receive commissions from business associates, and may share information with them.
10 Risk Disclosure – Client’s financial knowledge
10.1 The Company, as well as anyone on its behalf, does not advise Clients on the profitability of any trading action or non-action, with respect to tax consequences, nor does it manage the Client’s investments. The Client warrants that he/she is the person with the exclusive responsibility for making independent appraisals and investigations into the risks of any Transaction. The Client is required to have prior knowledge in regards to Forex and other financial trading instruments as well as to consider his/her every action and the risks involved before making any such action on the Company’s Trading Platform. The Client acknowledges that he/she has read and understood the attached Risk Disclosure documentation, which is an inseparable part of this Agreement.
10.2 The Company can provide its Clients and/or publish factual market information related to a specific instrument as well as updating the Client with publications and analysis’ of reputable third parties and general information related to popular trading techniques and/or technical analysis. In doing so, the Company does not obligate nor undertake as to the completeness and accuracy of the provided information, the trading implications and the tax implications of certain transactions. The provision of such information is incidental to the Client’s relationship with the Company and is provided for the sole purpose of the Client being enabled to carry out his/her own investment decisions.
10.3 The Company is not obligated to assess the appropriateness of any of the Client’s Transactions and/or to assess whether or not the Client possesses the required knowledge and experience to trade. All of the risks that are associated with the aforementioned statement are the exclusive and sole responsibility of the Client.
10.4 Trader’s Tax Allocations – Any tax that applies to the Client and/or corresponds to the Client’s trading activity will be under the Client’s full responsibility. The Client will personally report and pay any tax liability he/she is obligated to. The Company does not withhold or collect tax from the Client, serving as a mediator only. The Company reserves the right, in the event that it is ordered by an official entity, to deduct tax from the Client and deliver it to the corresponding tax authority.
11 Account Balances
11.1 Account statements and balances are displayed within the Trading Platform. The Client can at any given time assess open transactions and the current state of the Margin funds by accessing the Trading Account via the Company’s Trading Platform, as well as access review reports created by the Company. The Client will not receive any printed reports by the Company.
11.2 Account Activity Reports – The Client should follow all activity in his/her Trading Account regularly. It is also up to the Client to report any discrepancies to the Company and bring them to attention. If no complaints have been serviced upon the Client’s receipts, all trading certificates and monthly reports will be considered as accepted.
12 Closing an Account and Termination of the Agreement
12.1 The Agreement’s term is unlimited, however, the Company has the right to terminate the Agreement at any given time, about which the Client will be notified. Since the moment of termination, the Client will not be able to carry out any new transactions.
12.2 Without prior notice and as a result of circumstances beyond the Company’s control, trading facilities provided by the System can be suspended and/or halted at any given time. In these cases, the Company and/or an authorized party on the Company’s behalf can close any open positions the Client can have by performing a reverse Transaction, without the need for a prior notice to be sent to the Client, at fair market value reflecting, as closely as possible, the applicable prices of the relevant Contracts. The Client hereby agrees to waive any claims he/she might have against the Company in these types of situations.
12.3 To proceed with the Trading Account’s closure, the Client must notify the Company in written form via email to email@example.com, where the Client will indicate his/her formal request to close their Trading Account.
12.4 The termination of said Agreement will not affect the established provisions that are bound to remain in effect between the Parties involved. This involves things like confidentiality, limitation of liability, indemnification, governing law and jurisdiction.
13 Limitations of Liability
13.1 HEREIN IT IS CLARIFIED THAT THE SERVICES PROVIDED BY THE COMPANY ARE “AS IS” AND “AS AVAILABLE”. THE COMPANY MAKES NO WARRANTIES OF ANY KIND, NEITHER EXPRESSED NOR IMPLIED. THE COMPANY DOES NOT WARRANT THAT THE COMPANY’S WEBSITE, SERVERS OR EMAIL WILL ALWAYS OPERATE AND/OR BE 100% FREE OF VIRUSES OR OTHER POTENTIALLY HARMFUL COMPONENTS. THE COMPANY WILL NOT BE LIABLE FOR ANY KIND OF DAMAGES THAT ARISE FROM THE USE OF THE COMPANY’S TRADING PLATFORM OR WEBSITE.
13.2 Since the trading systems are based, among other things, on information and computer networks, as well as the Internet, Trading, or part of it, can become ceased and/or interrupted without prior notice due to circumstances that are outside the control of the Company. Should such an event take place, the Company is permitted, among other things, to close the Client’s open positions without prior notice, and if possible, at fair market prices. The Client will have no claim and/or demand and/or right for indemnification with respect to the damages caused by the cease of trading.
13.3 The Company does not guarantee that the services provided will always remain uninterrupted and error-free, as well as being fully immune to unauthorized access, hacker attacks, damages, faults in hardware, software, malfunctions in lines and communication systems, trading information providers etc.
13.4 Trading services provided by the Company are intended as Transaction execution services for professional and non-professional traders. The service is not meant to be seen as investment advice or recommendations by the Company and/or affiliated companies to buy, sell and/or hold financial instruments, products, or securities that are related to the performance of such investments. The Company is not registered as a brokerage firm or an investment advisor.
13.5 Since information regarding prices is received from third-party international data suppliers, the Company holds no responsibility as for the accuracy and the update rate of such information that is published on the Internet website and/or Trading Platform, as well as their compliance with the update rate of the international market. In the event of an error when transmitting such information, the Company will be entitled to amend the pricing and the Client’s positions.
13.6 The Client will undertake indemnification in regards to the Company and/or anyone on its behalf upon its first demand, from and against all liabilities, wrongful acts or omissions, charges, loses and/or expenses (including legal expenses), taxes, duties, claims, commissions and/or other expenses incurred by the Company.
13.7 The Company will have the right to offset any debt or other obligations of the Client towards the Company. Should there be any voluntary or involuntary insolvency procedures against the Client, all debts, future debts and other obligations of the Client towards the Company will be paid immediately by the Client to the Company.
14.1 The Company is permitted to amend this Agreement without any prior consent from the Client. Should any material changes be made to the Agreement, the Client will be notified of the fact at least 10 (Ten) Business Days in advance. The changes will come into effect based on the date specified in the notice.
14.2 Should any provision of this Agreement become illegal, invalid, and/or unenforceable in regards to the law of any jurisdiction, then neither the legality, validity, or enforceability of the remaining provisions of this Agreement, nor the enforceability of the remaining provisions of this Agreement will be affected and will remain unhurt.
14.3 Joint Account – In the event that the Trading Account will be on the name of more than one individual, then the Client’s obligations under this Agreement, as well as any reference to the Client in this Agreement, will be jointly interpreted as a reference to one or more people. Any notice that is provided to any of the individuals identified as the Client will be considered to be delivered to all individuals who identify as the Client. Should there be a contradiction between instructions provided to the Company by different individuals, the last notice received by the Company will prevail.
14.4 All instructions and notices provided by the Company will be delivered to the address or fax number that is provided by the Client or via electronic means like the email, unless otherwise agreed upon. Any complaints will be directed to the Company’s support department, which handles the investigation of all complaints and works towards resolving them. Should the Client have any complaints, he/she is to send them to: firstname.lastname@example.org.
14.5 Governing Law and Jurisdiction – This Agreement will be governed by law that is applicable in Saint Vincent & the Grenadines. In the event that there is any claim and/or demand and/or lawsuit, the issue will be handled under the sole authority of the court of Saint Vincent & the Grenadines.
14.6 The Company does have the right to collect funds owed to the Company by its Clients, to protect the Company’s rights such as intellectual property, its good-name, privacy etc., and to immediately bring legal proceeding against a Client, in the Client’s residency and the corresponding Client residency applicable law.
14.7 Assignment Rights – According to this Agreement, which is personal for the Client, he/she will not have any right to assign or transfer right and/or obligations. The Company is permitted to assign this Agreement to its affiliates.