Terms and Conditions

APPENDIX

1. Introduction

This Client Agreement (“Agreement”) is entered by and between Mena Investing Limited (hereinafter called the “Company”) and the Client (which could be a legal entity or a natural person or persons) who has completed the Application Form (“Client”).

This CFDs Client Agreement with the Appendices I-III attached herein, as amended from time to time in accordance with clause 35.1, (together, the “Agreement”) set out the terms upon which the Company will deal with the Client in respect of CFDs in certain Underlying Assets.

The Agreement shall govern CFDs trading activity. In addition, it sets out the matters, which the Company is required to disclose to the Client under the Applicable Regulations.

 

2. Interpretation of Terms

In this Agreement:

“Access Data” shall mean the Client’s Access Codes, Phone Password, Master Password, any other Password, Client Account number and any information required to make Orders with the Company.

“Affiliate” shall mean in relation to the Company, any entity that directly or indirectly controls or is controlled by the Company, or any entity directly or indirectly under common control with the Company; and “control” means the power to direct or the presence of ground to manage the affairs of the Company or entity.

“Agreement” shall mean this CFDs Client Agreement and its Appendices as amended from time to time. This CFDs Client Agreement shall include all clauses contained in the Company’s Website under the title

“Application Form” shall mean the application form/questionnaire completed by the Client (on line and/or in a hard copy and/or via email and/or in any other way) in order to apply for the Company’s Services (via which the Company will obtain amongst other things information for the Client’s identification and due diligence and his categorization in accordance with the Applicable Regulations), under this Agreement.

“Ask” shall mean the higher price in a Quote at which the price the Client may buy.

“Balance” shall mean the total financial result on the Client Account after the last Completed Transaction and depositing/withdrawal operation at any period of time.

“Base Currency” shall mean the first currency in the Currency Pair against which the Client buys or sells the Quote Currency.

“Bid” shall mean the lower price in a Quote at which the Client may sell.

“Business Day” shall mean any day, other than a Saturday or a Sunday, or the 25th of December, or the 1st of January or any other international holidays to be announced on the Company’s Website.

“Client Account” shall mean the unique personalized registration system consisting of all Completed Transactions, Open Positions, Orders and deposit/withdrawal transactions in the Online Trading System.

“Client Terminal” shall mean the meta trader program version 5, or later version, in addition to any platform trading facilitates including (but not limited to) web and mobile traders, which are used by the Client in order to obtain information on financial markets in real-time, to make technical analysis of the markets, make Transactions, place/modify/delete Orders, as well as to receive notices from the Company and keep record of transactions.

“Completed Transaction” shall mean two counter deals of the same size (opening a position and closing a position): buy then sell and vice versa.

“Contract for Differences” (“CFD”) shall mean a contract, which is a contract for differences by reference or variations in the price of an Underlying Asset.

“Contract Specifications” shall mean the principal trading terms in CFDs (Spread, Swaps, Lot Size, Initial Margin, Hedged Margin etc.) for each type of CFD as determined by the Company from time to time.

“Currency of the Client Account” shall mean the currency that the Client chooses when opening the Client Account or converted into at the Client’s choice after the opening the Client Account.

“Currency Pair” shall mean the object of a Transaction based on the change in the value of one currency against the other. A Currency Pair consists of two currencies (the Quote Currency and the Base Currency)

“Delivery“shall mean a physical acquisition by the client of any traded CFD at a specific delivery point worldwide.

“Equity” shall mean: Balance + Floating Profit - Floating Loss.

“Error Quote (Spike)” shall mean an error Quote having the following characteristics:

a. A significant Price Gap; and

b. In a short period of time the price rebounds with a Price Gap; and

c. Before it appears there have been no rapid price movements; and

d. Before and immediately after it appears that no important macroeconomic indicators and/or corporate reports are released.

“Event of Default” shall have the meaning given in clause 34.

“Ex-Dividend Date” shall mean in relation to a security, the first date on which the price quoted on the relevant Market is indicated to be an ex-dividend price.

“Expert Advisor” shall mean a mechanical online trading system designed to automate trading activities on an electronic trading platform. It can be programmed to alert the Client of a trading opportunity and can also trade his account automatically managing all aspects of trading operations from sending orders directly to the Company’s Online Trading System to automatically adjusting stop loss, trailing stops and take profit levels.

“Floating Profit/Loss” shall mean current profit/loss on Open Positions calculated at the current Quotes (added any commissions or fees if applicable).

“Free Margin” shall mean the amount of funds available on the Client Account, which may be used to open a position. Free Margin is calculated as Equity less (minus) Necessary Margin.

“Hedged Margin” shall mean the necessary margin required by the Company so as to open and maintain Matched Positions. The details for each CFD are found in the Contract Specifications.

“Initial Margin” shall mean the necessary margin required by the Company so as to open a position. The details for each CFD are found in the Contract Specifications.

“Instruction” shall mean an instruction from the Client to the Company to open/close a position or to place/modify/delete an Order.

“Instrument” shall mean CFD.

“Leverage” shall mean a ratio in respect of Transaction Size and Initial Margin. 1:100 ratio means that in order to open a position, the Initial Margin is one hundred times less than the Transactions Size.

“Long Position” shall mean a buy position that appreciates in value if market prices increase. In respect of Currency Pairs: buying the Base Currency against the Quote Currency.

“Lot” shall mean a unit measuring the transaction amount specified for each underlying asset in any CFD.

“Lot Size” shall mean the number underlying assets in one Lot defined in the Contract Specifications.

“Margin” shall mean the necessary guarantee funds so as to maintain Open Positions. Margin is determined in the Contract Specifications for each Underlying Asset in a CFD.

“Margin Call” shall mean the situation when the Company informs the Client to deposit additional Margin when the Client does not have enough Margin to open or maintain open positions.

“Margin Level” shall mean the percentage of Equity to Necessary Margin ratio. It is calculated as (Equity/ Necessary Margin) x 100%.

“Margin Trading” shall mean Leverage trading when the Client may make Transactions having less funds on the Client Account in comparison with the Transaction Size.

“Matched Positions” shall mean long and Short Positions of the same Transaction Size opened on the Client Account for the same CFD.

“Necessary Margin” shall mean the necessary margin required by the Company so as to maintain Open Positions. The details for each CFD are specified in the Contract Specifications.

“Normal Market Size” shall mean:

A. For the Currency Pair: the maximum number of units of Base Currency that are executed by the Company in the Market Execution mode. This information for each Instrument is displayed in the Contract Specifications.

B. For the Precious Metal: the maximum number of troy oz., which can be executed by the company in the Instant Market Execution mode.

“Online Trading System” shall mean any Software used by the Company which includes the aggregate of its computer devices, software, databases, telecommunication hardware, a trading platform, all programs and technical facilities providing real-time Quotes, making it possible for the Client to obtain information of markets in real time, make technical analysis on the markets, enter into Transactions, place/modify/delete/execute Orders, receive notices from the Company and keep record of Transactions and calculating all mutual obligations between the Client and the Company. The Online Trading System consists of the Server and the Client Terminal.

“Open Position” shall mean a Long Position or a Short Position which is not a Completed Transaction.

“Order” shall mean an instruction from the Client to the Company to open or close a position when the price reaches the Order Level.

“Order Level” shall mean the price indicated in the Order.

“Parties” shall mean the parties to this Client Agreement – the Company and the Client.

“Pip Hunting” shall mean the situation when the Client opens a position and closes it in a very short time (once there is a profit of one pip).

“Politically Exposed Persons” shall mean:

a. Natural persons who are or have been entrusted with prominent public  functions,  which means: heads of State, heads of government, ministers and deputy or assistant ministers; members of parliaments; members of supreme courts, of constitutional courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances; members of courts of auditors or of the boards of central banks; ambassadors, chargés d’affaires and high-ranking officers in the armed forces; members of the administrative, management or supervisory bodies of State- owned enterprises. None of the categories set out in the above shall be understood as covering middle ranking or more junior officials. Further, where a person has ceased to be entrusted with a prominent public function within the meaning of the above definition for a period of at least one year, such persons shall not be considered a Politically Exposed Person.

b. The immediate family members of such persons as set out under definition A, which means: the spouse; any partner considered by national law as equivalent to the spouse; the children and their spouses or partners; and the parents.

c. Persons known to be close associates of such persons as set out under definition A, which means: any natural person who is known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a person referred to in definition A; any natural person who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the benefit de facto of the person referred to in definition A.

“Price Gap” shall mean the following:

a. The current Quote Bid is higher than the Ask of the previous Quote; orb

b. The current Quote Ask is lower than the Bid of the previous Quote.

“Professional Client” shall mean a “Professional Client” for the purposes of the Applicable Regulations.

“Quote” shall mean the information of the current price for a specific underlying asset, in the form of the Bid and Ask prices.

“Quote Currency” shall mean the second currency in the Currency Pair, which can be bought or sold by the Client for the Base Currency.

“Quotes Base” shall mean Quotes Flow information stored on the Server.

“Quotes Flow” shall mean the stream of Quotes in the Online Trading System for each Instrument.

“Relevant Amount(s)” shall mean any free Equity in the Client Account not used for margin purposes.

“Request” shall mean a request from the Client to the Company given to obtain a Quote. Such a Request does not constitute an obligation to make a Transaction.

“Scalping” shall mean the situation where the Client opens and closes too many positions at the same time within the predefined time frame or price range (fifteen minutes or 10 pips) or buying at Bid price and selling at Ask price, so as to gain the Bid/Ask difference.

“Server” shall mean the Meta trader program version 5, or later version, in addition to any platform trading facilitates including (but not limited to) web and mobile traders. The program is used to execute the Client’s Orders or Instructions or Requests, to provide trading information in real-time mode (the content is defined by the Company), in consideration of the mutual liabilities between the Client and the Company.

“Services” shall mean the services provided by the Company to the Client.

“Short Position” shall mean a sell position that appreciates in value if market prices fall. In respect of Currency Pairs: selling the Base Currency against the Quote Currency. It is the opposite of a Long Position.

“Slippage” shall mean the difference between the expected price of a trade, and the price the trade actually executes at. Slippage often occurs during periods of higher volatility (for example due to news events) making an order at a specific price impossible to execute, when market orders are used, and also when large orders are executed when there may not be enough interest at the desired price level to maintain the expected price of trade.

“Spread” shall mean the difference between Ask and Bid of an Underlying Asset in a CFD at that same moment.

“Swap” shall mean the interest added or deducted for holding a position open overnight.

“Trailing Stop” shall mean a stop-loss order set at a percentage level below the market price - for a long position. The trailing stop price is adjusted as the price fluctuates. A sell trailing stop order sets the stop price at a fixed amount below the market price with an attached “trailing” amount. As the market price rises, the stop price rises by the trail amount, but if the pair price falls, the stop loss price doesn't change, and a market order is submitted when the stop price is hit.

“Transaction” shall mean any contract or transaction in a CFD entered into or executed by the Client or on behalf of the Client under this Agreement.

“Transaction Size” shall mean Lot Size multiplied by number of Lots.

“Underlying Asset” shall mean any Currency (Foreign Exchange), Equity Indices, Metal, Futures, Commodities or Shares, which is the underlying asset in a CFD.

“Underlying Market” shall mean the market where the Underlying Asset of a CFD is traded.

“Website” shall mean the Company’s website at https//:www.menainvesting.com or such other website as the Company may maintain from time to time for access by clients.

 

Third Party Authorization

 

The Client has the right to authorize a third  person  to give  Instructions, Requests  and  Orders to the Company concerning any Transaction, or proposed Transaction, or to handle any other matters related to this Agreement or to vary the terms or terminate the so called Agreement, provided the Client has notified the Company in writing of exercising such a right. The Company has the right but not an obligation to ask for any specifications for this person.

The third party authorization granted is in addition to and does not limit or restrict any other authorization under this Agreement or any other agreement that may exist between the Company and the Client.

Unless the Company receives and acknowledges a written (notification from the Client for the) termination/revocation at its offices of the said person’s authorization (appointed under clause, it will continue accepting Request, Instructions, Orders and other communications given by this person and the Client agrees that such are valid and committing to the Client.

Personal Data, Confidentiality and Recording of Telephone Calls and Printed Media Storage

The Company acknowledges that confidential information regarding the Client’s personal details is of valuable, special and unique asset and as such belongs to the Client and that such information will not be used to advance the interests of any person(s) other than the Client.

The Company has the right to disclose client information and, recordings and documents of a confidential nature, without a prior notice to the Client, in order to provide the services under this Agreement, to cooperate with local or foreign regulatory authorities and entities, fraud and prevention agencies and other organizations involved in crime, to comply with any legal official request, and as necessary to protect any of the Company’s legal obligation and/or rights in the following circumstances:

If the Client is an individual, the Company is obliged to supply the Client, on request, with a copy of personal data which it holds about the Client (if any), provided that the Client pays a fee.

By entering into this Agreement, the Client will be consenting to the transmittal of the Client’s personal data outside the European Economic Area.

Telephone conversations between the Client and the Company may be recorded and recordings will be the sole property of the Company. The Client accepts such recordings as conclusive evidence of the Orders/Instructions/Requests or conversations so recorded.

Services

Subject to the Client’s obligations under the Agreement being fulfilled, the Company may at its

Discretion offer the following services to the client:

Receive and transmit orders or arrange orders for execution (on an own account basis) for the Client in Instruments.

Provide Foreign Currency Services provided they are associated with the provision of the Investment Service.

Provide Safekeeping and administration of financial instruments for the account of Client (as and if applicable), including custodianship and related services such as cash/collateral management.

The Company is under no obligation, unless otherwise agreed in the Agreement, to monitor or advise the Client on the status of any Transaction; to make margin calls; or to close out any Client’s Open Positions. When the Company decides to do so, this will be done on a discretionary basis and will not be considered an undertaking of an obligation.

The Client understands that the he is not allowed physical delivery of the Underlying Asset in a CFD in relation to any Transaction.

The Company reserves the right, if it is deemed necessary, to delay confirmation of order/request(s) and/or transactions for the Client’s account(s).

The company reserves the right, if it is deemed necessary, to reserve any order/request(s) and/or transactions for the Client’s account(s) or not to execute all of those order/request(s) and/or transactions.

The Company reserves the right, at its discretion, at any time to withdraw the whole or any part of the Services on a temporary or permanent basis and the Client agrees that the Company will have no obligation to inform the Client of the reason.

The Company will not be under any duty to provide the Client with any legal, tax or other advice relating to any Transaction. The Client may wish to seek independent advice before entering into a Transaction. In asking the Company to enter into any Transaction, the Client represents that he has been solely responsible for making his own independent appraisal and investigation into the risks of the Transaction. He represents that he has sufficient knowledge, market sophistication, professional advice and experience to make his own evaluation of the merits and risks of any Transaction. The Company gives no warranty as to the suitability of the products traded under this Agreement and assumes no fiduciary duty in its relations with the Client.

The Client acknowledges that any trading recommendations, market or other information communicated to the Client by the Company, although based upon information obtained from sources believed by the Company to be reliable, may be incomplete or inaccurate, may not be verified, may defer from information given to other clients, and may be changed without notice to the Client.

The Client acknowledges that the Company or one or more of its affiliates may have a position to buy or sell Financial Instruments which are the subject of information or recommendations furnished to the Client and that these positions and transactions may not be consistent with the information furnished to the Client.

 

The Company is authorized, in its sole discretion, to employ clearing members and floor brokers as Client’s agents in connection with the execution, carrying, clearance, delivery and settlement of any such purchases and sales of Financial Instruments.

 

CFDs’ General Trading Procedures and Orders

The Company strives to ensure that the market watch is accurate and prices are obtained from several major banks/liquidity providers/exchanges; in case of closure/failure of one or more price provider for any or all CFDs, quotes will be provided which will reflect the company’s believes of the current Bid and Ask price for each CFD; the Company does not guarantee that its prices are the best prices available in the market.

The Client agrees hereunder that the Company’s market watch is only an indicator for the current market and any misunderstanding regarding this service must be returned to the Company’s Operations data.

Charts for all traded instruments are drawn according to the default spreads, and may differ from the prices displayed on the market watch according to the Client’s account type because of differences in mark-ups.

The Company at its discretion has any right to adjust the price(s)/price spreads provided/offered to the Client, cancel the transactions, delay in price confirmation and/or re-quote the price(s) offered, restrict the Client’s access to streaming, instantly tradable quotes by providing manual quotation only, retrieve from the Client’s account any historic trading profits provided that the Company can document that such trading profits have been gained through such abuse of price(s) at any time during the relationship with the Client, terminate the relationship with the Client immediately by the way of a written notice.

In case of an Order received and accepted by the Company in any means other than through the Online Trading System, the order will be transmitted to the Online Trading System (if possible) and processed as if it was received through the Online Trading System.

The Company will be entitled to rely and act on any Order given by the Client without any further enquiry, and any Orders will be binding upon the Client where such Order has been placed using his Access Data.

Any Order shall be conclusively deemed to be a valid Order from the Client to the Company, if the Company believes it to be genuine. The Client is responsible for any loss, claim or expense incurred by the Company following or attempting to follow any Order.

The Company shall receive and transmit for execution all Orders given by the Client strictly in accordance with their terms. The Company will have no responsibility for checking the accuracy of any Order. Any Order that the Client gives to the Company constitutes an irrevocable instruction to the Company to proceed with the Transaction on the Client’s behalf.

The Company will not be obliged to check or have regard to any assumption made or expressed by the Client as to the effect of any trade or Order on his existing or overall positions. The Company will not assess any Client comments that any trade he places is a trade to close all or part of an open position. The Company will treat all trades as a buy or a sell regardless of whether the trade has the effect of opening a new position or closing an existing one. It is the Client’s

 

Responsibility to be aware of his positions at all times.

 

If the Client gives an Order which puts him in breach of any clause of this Agreement, the Company may in its absolute discretion fulfil such an Order to the extent it deems appropriate and the Client will not have any right to cancel any resultant partially filled Order. The Client will be liable for the breach of this Agreement and remain liable for the settlement of the resultant Transaction in accordance with the terms of this Agreement.

 

Orders can be placed, executed and (if allowed) changed or removed only within the operating (trading) time and if they are not executed they shall remain effective through the next trading session.

 

The Company shall not be obliged to, but may, at its absolute discretion, execute the Client’s Orders in respect of any CFD out of normal trading hours as specified in the Contract Specifications for that particular type of CFD.

The Company may establish cut-off times for instructions or Orders which may be earlier than the times established by the particular Market and/or clearing house involved in any Transaction and the Client shall have no claims against the Company arising out of the fact that an Order was not placed by the Client ahead of the cut-off time.

Orders shall be valid in accordance with the type and time of the given Order, as specified. If the time of validity of the order is not specified, it shall be valid for an indefinite period. However, the Company may delete one or all pending orders if the account Equity reaches zero or less.

 

All open spot positions will be rolled over to the next business day at the close of business in the underlying relevant Market, subject to the Company’s rights to close the open spot position. Any open forward positions will be rolled over at the expiry of the relevant period into the next relevant period subject to the Company’s rights to close the open forward position.

 

All future trades are classified as market orders, and will be executed according to the market prices provided from its corresponding exchange at the time of execution; in addition, exchange fees may apply.

Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop are executed at the price declared by the Client on the first market price touch. If the market opens with a gap or a gap occurs during the day (this generally happens after weekends or holidays, upon release of significant macroeconomic data economic or political news, or in the event of Force-Majeure events).

The terms and conditions in the Agreement are subject to a Transaction Size within Normal Market Size for the specified Instrument. The Company may, at its absolute discretion, change these terms if the Client wishes to make a Transaction larger than Normal Market Size for the specified Instrument.

The minimum level for placing Stop Loss, Take Profit and Limit Orders for is found on the Website under Contract Specifications. The Company has the right to change the Contract Specifications at any time depending on the market situation without prior Written Notice to the Client. The Client agrees to check the full Contract Specifications of the CFD before placing any Order.

The 1 (one) standard lot size is the measurement unit specified for each CFD. The minimum volume of the transaction is 0.01 Micro Lot but this may differ from account type to another as published on the website under Contract Specifications. The possible choice of a leverage rate ranges from 1:1 up to 1:500 depending on the type of the CFD and at the Company’s discretion.

The Company may offer standard lots, micro-lots and mini-lots, in its discretion, defined as follows: (1.0) standard lot = 100000 of the base currency, (0.1) mini lot = 10000 of the base currency and (0.01) micro lot = 1000 of the base currency.

Changes on the leverage for each account will be applied automatically and the client will be informed through an internal mail message.

Professional accounts will be handled individually and may not follow the above leverage rules.

Spread for each Instrument is specified by the Company in the Contract Specifications. The Company is entitled to change Spreads without prior Written Notice to the Client.

The Company offers clients competitive spreads on all instruments, but may rarely make small increases on some or all instruments; ensuring that it provides the    best available market conditions and tightest spreads.

The Company allows hedging, which means clients are allowed to open positions in the opposite direction of previously opened positions in the trading account, to reduce loss and to decide later when to enter the market.

The Client acknowledges that Quotes displayed on the Company Website and the market watch on the Trading Terminal of the Client are Indicative Quotes.

Execution on CFD’s in currencies (foreign exchange), spot metal. Futures, equity, indices, commodities and options, depending on Market conditions, will take the form of market execution. This means that whenever the Client agrees to buy or sell a CFD in any of those Underlying Assets, the Company will give him the available price in the market even if the requested price by the Client was changed without giving him a re-quote on that entry.

In the event that the Company classifies a client as a scalper or a pip hunter - which the company does not currently allow, the Company may, at its sole discretion, and without a prior written notice, take one or more of the following actions:

a. Terminate this Agreement;

b. Close out all or any of the Client's open positions at current market prices;

c. Debit the Client Account(s) for the amounts which are due to the Company;

c. Close any or all of the Client Accounts held with the Company;

D Combine Client Accounts; consolidate the Balances in such Client Accounts and offset those Balances;

e. Refuse to open new Client Accounts for the Client.

Slippage in CFDs in Currencies occurs when a limit order or stop loss occurs at a worse rate than originally set in the order. In this situation, the Company will execute the trade at the next best price. Slippage in CFDs in stocks often occurs when there is a change in spread. In this situation, a market order placed may get executed at a worse than expected price. In the case of a Long Position, the Ask may have increased, while in the case of a Short Position, the Bid may have lowered.

Terms and conditions.

 

Clients can execute trades 24 hours a day from 00:30 on Monday until 23:30 on Friday (Cyprus Time), except for some instruments which halt at different times such as a break; the trading schedules and more specific information on each instrument is available through our website or within the MT5 platform.

The client accepts that at times of excessive transaction flow there might be some delay in contacting, over the telephone, a member of the Dealing Department, especially when there are important market announcements.

Margin requirements

The Client shall provide and maintain the Initial Margin and/or Hedged Margin in such limits as the Company, at its sole discretion, may determine at any time under the Contract Specifications for each type of CFD.

It is the Client’s responsibility to ensure that he understands how a Margin is calculated.

The Company has the right to amend any entry in the Contract Specifications section for each CFD including margin requirements, and these changes may take effect on both new and existing/open positions/trades; which may be declared through an internal mail message or on the company's corporate website; unless a Force Majeure Event has occurred.

The Company has the right to change Margin requirements without prior Written Notice to the Client in the case of Force Majeure Event. In this situation the Company has the right to apply new Margin requirements to the new positions and to the positions, which are already open.

If at any time Equity is less than 5% of the Necessary Margin, the Company has the right to close any or all of the Client’s Open Positions without the Client’s consent or any prior Written Notice to him.

The Client has the responsibility to notify the Company as soon as he believes that he will be unable to meet a Margin payment when due.

The Company has no obligation to make Margin Calls for the Client.

Swap Free Accounts

The Company offers Islamic (swap-free) accounts to comply with Islamic Shariah law; this is also an advantage for all traders who hold their positions for multiple days without being aware of swaps or overnight fees; thus, a trading account would not pay, or be paid for holding a position for more than one business day.

Hedging a currency pair by its corresponding Future CFD and/or hedging positions on a swap based account against positions on a swap free account is forbidden, as these also represent attempts to take advantage of the swap free facility and gain profits from swaps; one direction of this kind of hedge must be closed immediately.

The Company has the right to charge certain instruments Storage Fees on positions that have remained open for 3 days or more.

If the client fails to take action to avoid such practices, the Company will be required to close or take any necessary action on these accounts without prior written notice.

 

Miscellaneous

 

The Company may, in its discretion, suspend the Client Account at any time for any good reason with or without Written Notice to the Client.

The Company has the right to delete Error Quotes (Spikes) from the Server’s Quotes Base and any orders executed respectively.

The client acknowledges and confirms that any account(s), held with the Company, without any trading activity for a period of twelve (12) months and more, are considered to be inactive accounts.

The Client further acknowledges and confirms that such inactive accounts will be subject to relevant charge/cost(s), relating to the maintenance/administration of such inactive accounts.

This Agreement shall apply in relation to any additional Client Accounts opened in Client’s name with the Company, with the exception of any client account for which a new Client agreement is specifically signed.

 

Currency

The Company is entitled, without prior notice to the Client, to effect any currency conversions which it deems necessary or desirable in order to comply with its obligations or exercise its rights under this Agreement or complete any specific Transaction or Order. Any such conversion shall be made by the Company at reasonable exchange rates as the company shall select, having regards to the prevailing rates.

The Client will bear all foreign currency exchange risk arising from any Transaction or the exercise by the Company of its rights under the Agreement or any law.

 

Commissions, Charges and Other Costs

 

The provision of services is subject to the payment of costs, fees, commissions, charges, taxes, etc. (the “Costs”). In addition to those Costs, other costs may be due by the Client directly to third parties. The Client shall be obliged to pay all such costs the commissions, charges and other costs set. Costs to the Company are set out in the Company Website.

When providing a service to a Client, the Company may pay or receive fees, commissions or other non-monetary benefits from third parties as far as permissible under Applicable Regulations. To the extent required by law, the Company will provide information on such benefits to the Client on request.

The Client may also be liable for other taxes which are not collected by the Company and the Client should seek independent expert advice if he is in any doubt as to whether he may incur any further tax liabilities. Tax laws are subject to change from time to time.

The Client will pay the Company any amount which he owes, when due, in freely transferable, cleared and available same day funds, in the currency and to the accounts which will be specified, and without making any off-set, counterclaim, deduction or withholding of the Client in order to settle any obligations owed by the Client to the Company

The Client acknowledges and agrees that the Company has the absolute right to detach and acquire any equity owned by the Client when such equity is generated by a credit granted by the Company to the Client.

 

Deposits and Withdrawals

The Client acknowledges that bank wiring instructions are only provided to him by the Company along with the account details and confirmation letter.

The Company does not accept funds for any trading account via a third party. Restrictions on third party payments are set by banks and their respective authorities, which have developed extensive procedures, regulations, and laws to stop the transfer of illegal funds, commonly known as money laundering. This agreement provides the client with the assurance that funds from his account are never paid out to another party.

The Company actively complies with all anti-money laundering laws and regulations under all applicable domestic laws. On an ongoing basis, the company shall review clients' account activity for evidence of suspicious transactions that may be indicative of money laundering activities.

The Company will effect withdrawals of Client funds, either upon the receipt of a form bearing the signature of the Client which must match the specimen signature of the Client provided by him to the Company.

Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, the Company shall pay the said amount within five Business Days once, if the following requirements are met:

a. The withdrawal instruction includes all necessary information;

b. The instruction is to make a bank transfer to the account of the client; and

c. At the moment of payment, the client’s free margin exceeds the amount specified in the withdrawal instruction including all payment charges.

Withdrawals will only be affected towards the Client. The Company has the right in its absolute discretion not to affect withdrawals to any other third party or account. The Company will not affect withdrawals to anonymous accounts.

All payment and transfer charges will be borne by the Client and the Company shall debit the Client Account for these charges.

If the Client makes a payment by bank transfer, by credit card or any other method of electronic money transfer, the Company shall credit the Client Account with the relevant amount within one Business Day after the amount is cleared in the bank account of the Company.

Where a payment is due to the Company by the Client but enough cleared funds are not yet credited to the Client Account, the Company shall be entitled to treat the Client as having failed to make a payment to the Company and to close out the Client’s Open Positions, exercise other default remedies against the Client and exercise its rights under the Agreement.

The Client shall effect any margin payments or other sums due and payable to the Company in Euros, Great Britain Pounds, Swiss Francs, US dollars or Japanese Yen. The payment amount will be converted into the Currency of the Client Account at the rate determined by the bank of the Company.

 

Credit Cards

The Client hereby confirms and acknowledges that any payment(s) made by Credit Card(s), will

bear the Client’s name and will be credited into Client’s account(s) held with the Company and that the sole purpose for such payments is in accordance with the purpose of this Agreement signed with the Company.

The Client further confirms and acknowledges that the right of the Chargeback shall not be permitted in cases when the Company has already executed a requested transaction.

 

Language and Website

The Company’s official language is the English language and the Client should always read and refer to the main Website for all information and disclosures about the Company and its activities. Translation or information provided in languages other than English is for informational purposes only and do not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein.

 

Online Trading Systems, Mobile Trading Service and Safety

 

The Company through Online Trading System permits the holder of one or more accounts with the Company to have access to one or more terminals, one or more Online Trading Platforms, through the Client’s internet browser, for the electronic transmission of order/request(s) and/or transactions, for the Client’s account(s) held with the Company.

‘Mobile Trading Service’ includes all software and communication links, or any of its functions, downloaded onto the Client’s mobile devise and the Client agrees to use to use the Mobile Trading Service solely for the purpose of accessing account(s) via the mobile devise.

The Client is entitled to Access Codes within the Company’s Online Trading System and/or Mobile Trading Service, in order to be able to give orders for Transactions, through the Client’s compatible Personal Computer connected to the internet on the Company’s Online Trading System and/or Mobile Trading Service, and the Company has the right to reset those access codes for security purposes, if the account(s) has been inactive for a certain period of time.

The Client will not proceed and avoid proceeding in any action that could probably allow the irregular or unauthorized access or use of the Online Trading System and/or Mobile Trading Service. The Client accepts and understands that the Company reserves the right, at its discretion, to terminate or limit his access to the Online Trading System and/or Mobile Trading Service or part of if the Company suspects that he allowed such use of Online Trading System.

 

Electronic Signature

The Client consents and agrees that the use of an electronic signature under the Electronic Signature Law, constitutes as the Client’s signature, and has legal effect and will be admissible as evidence in any legal proceedings in any country.

The Client consents and agrees that the electronic signature is not denied legal effectiveness and admissibility as evidence in legal proceedings solely on the grounds that it is in electronic form, or not based on a qualified certificate, or not based upon a qualified certificate issued by an accredited certification service provider or not created by a secure signature creation device.

The Client agrees that no third party verification is necessary to the enforceability of their signature between the Client and the Company.

At the Company’s sole discretion, documents signed and transmitted online may be accepted as original documents, and is considered to have the same binding effect as an original signature on an original document.

The Client consents to receive the information and agreements or any other document electronically, and agreements electronically signed will be seen as electronic contracts, which have been freely entered into.

 

Termination

 

35.1. Each Party may terminate this Agreement with immediate effect by giving Written Notice to the other Party.

Termination by any Party will not affect any obligation which has already been incurred by either Party in respect of any Open Position or any legal rights or obligations which may already have arisen under the Agreement or any Transactions and deposit/ withdrawal operations made there under.

Upon termination of this Agreement, all amounts payable by the Client to the Company will become immediately due and payable including (but without limitation):

a. All outstanding fees, charges and commissions and any other amounts payable to the Company;

b. Any dealing expenses incurred by terminating the Agreement and charges incurred for transferring the Client’s investments to another investment firm;

c. Any losses and expenses realized in closing out any Transactions or settling or concluding outstanding obligations incurred by the Company on the Client’s behalf;

d. Any charges and additional expenses incurred or to be incurred by the Company as a result of the termination of the Agreement;

e. Any damages which arose during the arrangement or settlement of pending obligations.

Upon Termination the Company reserves the right to keep Client’s funds as necessary to close positions which have already been opened and/or pay any pending obligations of the Client under the Agreement.

Business Introducer

In cases where the Client is introduced to the Company through a third person (“Business Introducer”), the Client acknowledges that the Company is not responsible or accountable for the conduct and/or representations of the Business Introducer or its associated persons.

Client agrees to waive to indemnify and hold the Company harmless for any actions or omissions of the Business Introducer or its associated persons.

Client acknowledges and confirms that the Company is not bound by any separate agreements entered into between the Client and the Business Introducer.

The client acknowledges and confirms that the Company has the right to provide the Introducer with the information related to the transactions of the Client’s account(s), as far    as reasonably necessary to facilitate the Introducer.

The Client acknowledges and confirms that his agreement or relationship with the Business Introducer may result in additional costs, since the Company may be obliged to pay commission fees or charges to the Business Introducer.

The Client acknowledges and confirms that the Business Introducer is authorized to have limited access (“View Only”) to one or more terminals, including terminal access through Internet browser, so as to electronically observe the activities of the Client Account. The Client acknowledges and consents to the Company providing the Business Introducer with the number of lots closed by Client during the specific month/period, in order to process any commission rebates due to the Business Introducer.

The Client acknowledges that the Business Introducer is not a representative of the Company nor is he authorized to provide any guarantees or any promises with respect to the Company or its services.

Representations and Warranties

The Client represents and warrants to the Company the following:

a. The information provided by the Client to the Company in the Application Form and at any time thereafter is true, accurate and complete and the documents handed over by the Client are valid and authentic;

b. The Client will provide the Company with any new information and/or any changes to the information given by him to the Company as soon as such new information or change is at or ought to be at his knowledge;

c. The Client has read and fully understood the terms of the Agreement including the information in the Appendices;

d. The Client is duly authorized to enter into the Agreement, to give Instructions and Requests and to perform its obligations thereunder; +

e. The Client acts as principal and not as an agent, representative, trustee or custodian of someone else;

f. The Client is the individual who has completed the Application Form or, if the Client is a company, the person who has completed Application Form on the Client’s behalf is duly authorized to do so;

g. The client (if an individual) is of the age of majority, of sound mind, and duly authorized to open account(s) and the client (if an entity) is validly existing and empowered to enter into this Agreement and to effectuate transactions in Financial Instruments as contemplated hereby;

h. All actions performed under the Agreement will not violate any law or rule applicable to the Client or to the jurisdiction in which the Client is resident, or any agreement by which the Client is bound or by which any of the Client’s assets or funds are affected;

I. There are no restrictions, conditions or restraints by Central Banks or any governmental, regulatory or supervisory bodies, regulating Client’s activities, which could prevent or otherwise inhibit the Client entering into, or performing in accordance with this Agreement and/or under any transaction which may arise under them;

j. There are no pending or, to the best of the Client’s knowledge, any legal proceedings before any court, arbitration court, governmental body, agency or official or any arbitrator that purports to draw into question, or is likely to affect, the legality, validity or enforceability against him of this Agreement and any transaction which may arise under them or the Client’s ability to perform his obligations under this Agreement and/or under any transaction which may arise under them in any material respect;

k. The Client funds are not in any direct or indirect way the proceeds of any illegal activity or used or intended to be used for terrorist financing;

l. There are no restrictions on the markets or instruments in which any Transactions will be sent for execution, depending on the Client’s nationality or religion;

m. The documents handed over by the Client are valid and authentic;

n. The Client has chosen the particular type of service and financial instrument, taking his total financial circumstances into consideration which he consider reasonable under such circumstances;

o. The Client has declared in the Application Form if he is a Politically Exposed Person and will notify the Company if at any stage during the course of this Agreement he becomes a Politically Exposed Person.