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1. GENERAL INFORMATION
1.1. Information About US
gfxroyal
is the trading name of GFX FINANCE who belongs to CAPITAL LETTER GMBH,
German Investment Firm Incorporation: HRB242418, 23/07/2018.. The
Company provides investment and ancillary services in accordance to
its authorization and in compliance with the European Markets in
Financial Instruments Directive (MiFID) through the website
www.gfxroyal.com (hereafter “the website”) and as these are defined
throughout this Agreement. Its registered office is situated at
Adolf-Kolping-Straße 16, 80336 München, Germany
1.2.Communication with us
You may communicate with us in
writing (including fax), by email or other electronic means, or orally
(including by telephone). The language of communication shall be
English and you will receive documents and other information from us
in English. However, where appropriate and for your convenience, we
will endeavour to communicate with you in other languages. Our
website(s) contain further details about us and our services, and
other information relevant to this Agreement. In the event of any
conflict between the terms of this Agreement and our website, this
Agreement will prevail. By accepting and agreeing to the Terms and
Conditions of this Agreement and further opening an account with the
Company, the Client accepts the terms and conditions contained
therein. For any questions you may contact the Company at the
following address:
Email: [email protected]
1.3.
Telephone Calls, Faxed Documents and Records
1.3.1. Telephone
conversations between the Client and the Company will be recorded and
kept by the
Company and recordings will be the sole property of
the Company. The Client accepts such recordings as conclusive evidence
of the Orders or conversations so recorded.
1.3.2. Our records
will be evidence of your dealings with us in connection with the
Trading Platform. You
will not rely on us to comply with your
record keeping obligations, although records may be made available
to
you on request in our absolute discretion. You will not object to the
admission of our records as evidence
in any legal or regulatory
proceedings because such records are not originals, are not in writing
or are
documents produced by a computer.
1.3.3. Under
Applicable Regulations, the Company will keep records containing
Client personal data, trading information, account opening documents,
communications and anything else which relates to the Client for at
least five years after termination of the Agreement or a
Transaction.
DEFINITIONS AND INTERPRETATIONS
In this
Agreement, the Terms stated below shall have the following meanings
and may be used in the singular or plural as appropriate.
“Closed
Position” means the opposite of an Open Position.
“Close at Loss”
shall mean an offer to close a Transaction in an FX and CFD position
at a price determined in advance by you which, in the case of a Buy is
lower than the opening Transaction price and in the case of a Sell is
higher than the opening Transaction price.
“Close at Profit”
shall mean offer to close a Transaction in an FX and CFD position at a
price determined in advance by you which, in the case of a Buy is
higher than the opening Transaction price and in the case of a Sell is
lower than the opening Transaction price.
“Contract for
Difference (CFD)” means any CFD on spot foreign exchange (“FX”),
whether oral or written, for the purchase or sale of any commodity,
security, currency or other financial instruments or property,
including any derivative contracts such as options, futures, shares,
or any other CFD related financial instrument that is available for
trading through the Company’s trading platform(s); a full list of the
financial
instruments is available online at www.gfxroyal.com.
“Counterparties”
shall mean banks and/or brokers through whom the Company may cover its
transactions with Clients;
“Currency Pair” shall mean the object
or Underlying Asset of an FX Contract 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) and shows how
much of the Quote currency is needed to purchase one unit of the
Base
Currency.
“European Markets in Financial Instruments
Directive (MiFID)” means the authority which provides for the
Provision of Investment Services, the Exercise of Investment
Activities, the Operation of Regulated Markets and other related
matters, the Prevention and Suppression of Money Laundering Activities
Law, the Directives, Circulars and all other regulations issued
pursuant to these Laws and all Rules, Directives, Regulations,
Guidance Notes, Opinions, recommendations, administrative notices and
newsletters published by the (MiFID).
“Declared Price” means the
price that the client requested for either instant execution or
pending order.
“Difference” means the difference in price upon
the opening of a transaction and the closing of such Transaction.
“Durable
Medium” means any instrument which enables the Client to store
information in a way accessible
for future reference for a period
of time adequate for purposes of the information and which allows
the
unchanged reproduction of the information stored.
“Equity”
means the balance plus or minus any profit or loss that derives from
any open positions.
“Execution” means the execution/completion of
client’s orders on the Company’s trading platform, where
the
Company acts as the Execution Venue to Client’s transactions;
“Execution
Venue” the counterparty for transactions and holder of the Clients
securities or other assets
deposited.
“FATCA” means the
United “tates federal law “Foreign Account Tax Compliance Act”.
“FX
Contract or FX” means the type of CFD where the Underlying Asset is a
Currency Paid. Hence any
mention to CFDs in general or risk
warnings about CFDs in this Agreement alsocover FX contracts.
Although
FX contracts are included in the definition of CFDs they
may be mentioned separately in this Agreement
and/or on the
Company Website.
“Financial Markets”, means international
financial markets in which currency and other financial assets
exchange
rates are determined in multi-party trade.
“Floating Profit/Loss”
shall mean the unrealized profit/loss of open positions at current
prices of the Underlying Assets;
“Free Margin” means the funds
that are available for opening a position, It is calculated as: Free
Margin= Equity-Margin.
“Initial Margin” means the minimum amount
of money required in your Trading Account in order to open a
Transaction,
as specified on the Trading Platform from time to time for each
specific Underlying Asset.
“Margin” means the required funds
available in a Trading Account for the purposes of opening and
maintaining an Open Position.
“Margin Call” when the Margin
posted in the margin account is below the minimum margin
requirement,
the Company’s Execution Venue issues a Margin Call
and in this case the Client will have to either increase
the
Margin that he/she has deposited or to close out his/her position(s).
If the Client does not do any of the aforementioned, the Execution
Venue shall have the right to close the positions of the Client.
“Margin
Level” means the percentage of Equity to Margin ratio. It is
calculated as: Margin Level =
Equity/Necessary Margin “Market
Order” means Orders which are executed at the best available market
price.
“Market Rules” means the rules, regulations, customs and
practices from time to time of any exchange,
clearing house or
other organization or market involved in the conclusion, execution or
settlement of a
Contract any exercise by any such exchange,
clearing house or other organization or market of any power or
authority
conferred on it.
“MTF” means Multilateral Trading Facility.
“Open
Positions” means any long or short position that has not been
closed.
“Orders” means any trading transactions executed on the
Company’s trading platform(s) by the Client.
“Over the counter
(OTC)” means any Contract concerning a commodity, security, currency
or other financial
instrument or property which is not traded on
a regulated stock or commodity exchange but “over the counter”.
“Security”
means any securities or other assets deposited with the execution
venue.
“Sell” mean an FX and CFD Transaction that is opened by
offering to sell a specific number of a certain Underlying Asset; also
known as “short position”.
“Services” means the services to be
provided by the Company to the Client and are governed by these
Terms
and Conditions.
“Spread” means the difference between
the Ask Price and the Bid Price of an Underlying Asset at the same
moment.
“Spreads and Conditions Schedule” means the schedule of
spreads, charges, margin, interest and other rates
which at any
time may be applicable to the Services as determined by the Company on
a current basis. The
“preads and Conditions “chedule is available
on the Company’s Website and may be supplied to the Client on
demand.
“Swap or Rollover” means the interest added or deducted
for holding a position open overnight.
“Terms” mean these Terms
of business governing all the actions that relate to the execution of
your trades.
“Trade Confirmation” means a notification from the
Company’s trading platform to the Client confirming the Client’s entry
into a Contract.
“Transaction” means the opening or closing of an
offer to either buy or sell an FX and CFD for an Underlying
Asset
on the Trading Platform, whether by you or us.
“Trading Platform”
means any online trading platform made available to the Client by the
Company for
placing orders, requesting quotes for trades,
receiving price information and market related news as well as
having
a real-time revaluation of the open positions, through the
Internet;
“Trading Account” means a personalized trading account
that the Client holds with the Company, designated
with a unique
account number and used for the purposes of trading with the
Company.
“Underlying Asset” means the financial instrument (e.g.,
stock, futures, commodity, currency, index) on
which a
derivative’s price is based.
“US Reportable Persons” –In
accordance to FATCA, US Reportable persons are:
a)A US citizen
(including dual citizen)
b)A US resident alien for tax
purposes
c)A domestic partnership
d)A domestic
corporation
e)Any estate other than a foreign estate
f)Any
trust if:
•A court within the United States is able to exercise
primary supervision over the adminis
tration of the trust
•One
or more United States persons have the authority to control all
substantial decisions of the trust
•Any other person that is not
a foreign person.
In this Agreement, all the words that denote
only the singular number will also comprise the plural,
wherever
the aforementioned definitions apply and vice versa, and the words
that denote natural persons
will comprise legal persons and vice
versa. Words denoting any gender include all the genders and
whenever
reference is made to theterms “Paragraphs”, “Sections”
and “Appendices” it concerns paragraphs, sections
and appendices
of this Agreement.
The headings of the Sections are only used for
facilitating the reference and they do not affect their
interpretation.
References to any law or regulation will be considered to comprise
references to that law or
regulation as this can be altered or
replaced from time to time or, similarly, to be extended, re-enacted
or
amended.
CANCELLATION OF THIS AGREEMENT
You
have the right to cancel this Agreement within thirty (30) days (the
“Cancellation Period”) from the date
you accept the Client
Agreement. Should you wish to cancel this Agreement within the
Cancellation Period,
you should send notice in writing to the
following address: [email protected] Cancelling this Agreement
within the Cancellation Period will not cancel any Transaction entered
into by you during the Cancellation Period. If you fail to cancel this
Agreement within the Cancellation Period you will be bound by its
terms and conditions.
PROVISION OF SERVICES
4.1. The
Company in accordance to its CIF authorisation is authorised to
provide the following
investment services which are governed by
this Agreement:
Investment Services:
1.Reception and
transmission of orders in relation to the Financial Instruments the
Company is authorised to provide.
2.Execution of orders on behalf
of clients Ancillary Services:
-Safekeeping and administration of
financial instruments, including custodianship and related services
-Foreign
exchange services where these are connected to the provision of
investment services.
-Investment Research and financial analysis
of other forms.
4.2. gfxroyal offers a number of financial
instruments to the Client for trading, the contract
specifications
of which are available online on the Company’s website
www.gfxroyal.com, as well as such
other investments instruments
agreed upon with the Company and allowed under the Company’s Cyprus
Investment
Firm License.
4.3. The trading conditions and execution rules of
the financial instruments on offer by the Company can be found online
on the Company’s website at www.gfxroyal.com at any given time. Upon
notice to the Client, gfxroyal reserves the right to amend, from time
to time, both the trading conditions and/or the execution rules. Even
if the Company amends any part of the trading conditions and/or the
execution rules the Client continues to be bound by the Client
Agreement, including but not limited to any amendments that have been
implemented.
4.4. The Client understands that no physical
delivery of a CFD’s underlying instrument that (s) he
traded
through his/her Trading Account shall occur.
4.5. gfxroyal is
entitled to refuse the provision of any investment or ancillary
service to the
Client, at any time, without being obliged to
inform the Client of the reasons to do so in order to protect the
legitimate
interests of both the Client and the Company.
APPLICATION
AND REGISTRATION DATA
5.1. In order to use the Trading Platform
and our Services, you must register with us by providing your
personal
details, including identity documents, as Registration Data. After you
complete the Account
Opening Procedure together with all the
required identification documentation and Registration Data
required
by us for our own internal checks, we will send you a notice informing
you whether you have been
accepted as a Client of the Company. It
is understood that we are not to be required (and may be unable
under
Applicable Regulations) to accept a person as our Client until all
documentation we require has been
received by us, properly and
fully completed by such person and all internal Company checks
(including
without limitation anti-money laundering checks,
appropriateness or suitability tests as the case may be)
have
been duly satisfied. It is further understood that we reserve the
right to impose additional due diligence requirements to accept
Client(s) residing in certain countries.
5.2. You agree and
undertake to:
(a)notify us of any changes to your personal and
financial information and/or in your financial
condition by
emailing [email protected];
(b)provide true, accurate, current
and complete Registration Data as prompted by the registration
process;
(c)maintain and promptly update the Registration Data to
keep it accurate, current and complete by
emailing using the
email address which you created your trading account, any changes
to
[email protected];
(d)ensure that you log out from
your trading account at the end of each session on the
Website;
(e)We
may carry out credit and other checks from time to time as we deem
appropriate. Your
Registration Data or other information may be
used in the prevention of money laundering or terrorist
financing
or fraud as well as for the management of your account. You authorize
us to use your Registration
Data and other information to perform
the above checks in relation to your application process;
(f)In
the event we become aware of any illegal activity, impropriety in the
Registration Data or failure
of any due diligence requirement, we
may freeze your account. Should such an event occur we may not be
in
a position to release funds and may not be able to carry out
subsequent instructions from you.
5.3. gfxroyal being a regulated
investment firm we are required to abide by stringent Know Your Client
(KYC) and Anti-Money Laundering (AML) protocols. As part of the
Account Opening Procedure,
the Client is required to provide us
with (a) proof of identity, that is a government issued passport
and
identity card (if available) and (b) proof of residence, that
is a hard copy utility bill (water bill, electricity bill, gas bill,
phone/internet bill) or a certificate of residence or a hard copy bank
statement in A4 format and not older than 6 months. A driving license
is not considered to be an acceptable form of identification under
CySec rules and regulations.
5.4. Once logged into the Trading
Platform using your Access Codes, you authorize us to rely upon any
information
or instructions set forth in any data transmission using your
Registration Data, without making
further investigation or
inquiry, and regardless of the actual identity of the individual
transmitting the same.
Without limitation of the foregoing, we
have no responsibility for transmissions that are inaccurate or not
received
by us, and we may execute any Transaction on the terms actually
received by us.
ASSESSING APPROPRIATENESS
6.1. Part of
the Registration Data you provide, allows us to assess whether the
Service or Financial
Instrument is appropriate for you, in
accordance with European Markets in Financial Instruments Directive
(MiFID) Rules and Regulations.
6.2. We are entitled to rely on
the information you provide to us unless we are aware that such
information
is manifestly out of date, inaccurate or incomplete. We have no
responsibility for the
information which you provide to us and we
may assess your appropriateness on the basis of the
information
you give to us.
6.3. We will assess your knowledge and experience
on the basis of the information received from you to
enable a
decision to be made on appropriateness. If we determine that the
Service or Financial Instrument is
not suitable for your level of
experience and/or knowledge we will notify you and we may not be able
to
open a Trading Account for you.
6.4. If you elect not to
provide the information required to allow us to assess
appropriateness, or if you
provide insufficient information
regarding your knowledge or experience, we may be unable to
determine
whether the Service or Financial Instrument is
appropriate for you and therefore may decline your
application to
open a Trading Account.
6.5. We reserve the right to refuse to
approve your registration or any Transaction should you deny
and/or
omit to provide us with all the requested information. In making such
a decision we will have regard
to the circumstances.
CLIENT
CATEGORISATION
7.1. The Company will deal with the Client
according to the rules of professional conduct based on which
the
Client will be treated as a Retail Client, Professional Client or
Eligible Counterparty in accordance with
the information provided
to the Company during the Account Opening Procedure.
7.2. The
Client shall inform the Company in case the Client’s personal
information changes. In the event
that the Client wishes to be
re-categorized the Client must inform the Company in writing, clearly
stating
such a wish. The final decision of the change in
categorization however lies in the absolute discretion of the
Company.
If the Company agrees to such categorization, the level of protection
that is afforded by certain
European Markets in Financial
Instruments Directive (MiFID) and other applicable regulations may be
reduced. This may include but is not limited to:
(a)the
requirement for us to act in accordance with your best interests;
(b)our
obligation to provide appropriate information to you before providing
the services;
(c)the restriction on the payment or receipt by us
of any inducements;
(d)our obligation to achieve best execution
in respect of your orders;
(e)the requirement to implement
procedures and arrangements which provide for the prompt, fair and
expeditious
execution of your orders;
(f)our obligation to ensure that all
information we provide to you is fair, clear and not misleading;
and
(g)the requirement that you receive from us adequate reports
on the services provided to you.
7.3. It is understood that we
have the right to review the Client’s Categorization and change
your
Categorization if this is deemed necessary (subject to
Applicable Regulations). You accept that when
categorizing you
and dealing with you, the Company will rely on the accuracy,
completeness and co
rrectness of the information provided by you
at the Account Opening Procedure and the Financial Details
Questionnaire.
You have the responsibility to immediately notify us in writing if
such information changes at
any time thereafter.
7.4. The
Client is bound by the method and process of categorization as this is
defined and thoroughly
explained in the “Client Categorization
Policy” which can be found on the Company’s website under the title
“Client
Categorization Policy”. Therefore, by accepting these Terms and
Conditions, the Client accepts the application of the categorization
method as this is defined in the “Client Categorization Policy”.
MEMBERSHIP
ELIGIBILITY
8.1. The Services are available to and may only be
used by individuals or companies who can form legally binding
contracts under the law applicable to their country of residence.
Without
limiting the foregoing, our Services and/or the use of the Company’s
electronic system(s) and/or
Trading Platform are not available to
any person who:
a.Is under the age of 18 or otherwise under legal
age (“Minors”). The Company shall not be
responsible for any
unauthorised use by Minors of our Services and/or system and/or
trading platform in
any way or manner;
b.Is not of legal
competence or of sound mind;
c.Resides in any country where such
use would be contrary to local laws and regulations. The Company’s
S
ervice(s) and/or system(s) and/or Trading Platform and any
other service(s) provided by us is
not available to persons
residing in any country
where such trading activities would be
contrary to local laws
or regulations. It is your responsibility
to ascertain the terms of and comply with any local law or
regulation
to which you are subject;
d.Is an employee,
director, associate, agent, affiliate, relative or otherwise connected
to the Company
or any affiliate thereto.
8.2. Without
derogating from the above, the Company reserves the right, acting
reasonably, to suspend
and/or refuse access to and use of the
Company’s service(s) and/or electronic system(s) and/or Trading
Platform
to anyone in our sole and absolute discretion.
8.3. The Client
assures that the funds which will be transferred as security for
trading on the gfxroyal account, do not originate from illegal or
criminal activities or is of unknown origin.
8.4. The offering of
some financial instrumentson various underlying financial and other
assets may not
be legal in some jurisdictions. You understand and
accept that the Company is unable to provide you with
any legal
or taxation advice or assurances in respect of your use of the
Services and the Company makes no
representations whatsoever as
to the legality of the Services in your jurisdiction.
8.5. Our
Services are not available where they are illegal to use, and the
Company reserves the right to
refuse and/or cancel services to
anyone at its own discretion.
8.6. For avoidance of doubt, the
ability to access our website does not necessarily mean that our
services
and/or your activities through it, are legal under the
laws, regulations or directives relevant to your country
of
residence.
SCOPE OF THE AGREEMENT
9.1. This Agreement
is made by and between gfxroyal and you and is applicable only to
those Clients trading in the Financial Instruments of Contacts for
Difference (CFD’s) for all types Underlying Assets available with the
Company from time to time such as Currency Pairs (for FX Contracts),
equity, commodities, stocks, shares, indices and futures.
9.2.
This Client Agreement applies to both the Website(s) and Trading
Platform, as well as to the
electronic content and/or software
currently contained on the Website(s) that supplies the Client with
real
time information about the exchange rate of some currencies
as well as with the program facilities for
executing trading
transactions in FX and CFDs via the web, phone or fax, and any other
features, content or
services that gfxroyal may add in the future
(the “Services”).
9.3. The Client trading account is activated
once the Company verifies the Client’s identity and provides
the
Client with a username and password.
9.4. You are responsible for
securing your login details for your account with gfxroyal. You hold
sole responsibility for any damage caused due to any act or omission
by you causing inappropriate or
irregular use of your trading
account. You are obliged to immediately inform the Company of any
possible
non-authorized use conducted with you user name. Users
that log in to the Company’s website to use its
services are
required to provide certain personal, identifying details.
9.5.
Opening and Closing Orders/Transactions
9.5.1. In order to open a
Transaction in an FX and CFD on the Trading Platform, you must either
open a Buy
or a Sell, at the price quoted by the Trading Platform
at the time of such Transaction. In order to close a
Transaction,
you must either offer to sell (in the case of a Buy), or purchase (in
the case of a Sell), the
Underlying Asset covered by such open
Transaction, at the price quoted by the Trading Platform at the
time
of such closing offer. Transactions or open positions cannot
be transferred to other FX and CFD providers or
their platforms.
Full details of our Order Execution Policy please visit the Company’s
Website.
9.5.2. The Trading Platform will provide a Buy quote and
a Sell quote for each Underlying Asset traded on
the Trading
Platform. You acknowledge that upon opening a Buy or closing a Sell,
you may only do so at the
price quoted by the Trading Platform to
purchase such Underlying Asset. You further acknowledge that upon
opening
a Sell or closing a Buy, you may only do so at the price quoted by the
Trading Platform for such
Underlying Asset.
9.5.3. On the
Trading Platform, you shall be entitled to make an offer to open a
Transaction at the best
available rate on the Trading Platform
(“Market Order”) at the time of opening such a Transaction, unless
you
specify a particular price in which to make an offer to open a
Transaction (“Limit Order”). With respect
to a Market Order, the
price at which a Transaction is completed may not always be at the
exact rate
displayed when the order is submitted. You agree that
your offer to open a Market Order may be accepted
at a lower
price or higher price than the price indicated by you in your Market
Order, within a certain range
as specified on the Trading
Platform from time to time. If you choose to open a Market Order, your
offer will
be accepted at the best possible rate offered on the
Trading Platform.
9.5.4. With respect to a Limit Order, the price
at which a Transaction is completed may not always be at
the
exact rate displayed when the order is submitted. You agree that your
offer to open a Limit Order may
be accepted at a lower price if a
buy, or higher price if a sell, than the price indicated by you in
your Limit Order as specified on the Trading Platform from time to
time. If you offer to open a Limit Order, your offer may be accepted
at the price indicated by you in your offer. At any time prior to
acceptance of a Limit Order,you may cancel the Limit Order without any
further liability. If you choose to open a Limit Order, your offer
will be accepted at the best possible rate offered on the Trading
Platform.
9.5.5. Orders can be placed and (if allowed) changed
within the Trading Hours for each type of FX and CFD
appearing on
the Company’s Website, as amended from the Company from time to time.
The Client agrees
that the Orders to open a position if accepted
by the Company outside the Trading Hours may not be
capable of
execution should the market not trade at the price stipulated once
Trading Hours commence.
9.5.6. Pending Orders, not executed,
shall remain effective through the next trading session (as
applicable). All open spot positions will be rolled over to the next
Business Day at the close of business in the relevant Underlying
Market, subject to the Company’s rights to close the open spot
position. 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.
9.5.7.
Market Orders not executed due to insufficient equity in the trading
account will not remain effective and will be cancelled.
9.5.8.
Orders shall be valid in accordance with the type and time of the
given Order, as specified by the Client. If the time of validity of
the Order is not specified, it shall be valid for an indefinite
period. However, the Company may delete one or all pending orders if
the Trading Account funds are not sufficient to cover margin
requirements.
9.5.9. Orders may be cancelled or amended by the
Client before they are executed.
9.5.10. Stop loss and Take
Profit orders may be amended providing they meet minimum specified
level
requirements (keep the pending on the trading symbol).
9.5.11.
The Client may change the expiration date of Pending Orders or delete
or modify a Pending Order
before it is executed. In order to
change the expiry the Client will need to cancel the Order and place a
new
one.
9.5.12. FX and CFD
Orders on currencies are
executed as follows:
• Take Profit (T/P) orders are executed at
stated prices;
• Stop Loss (S/L) orders are executed at first
market prices;
• Stop Loss (S/L) orders set for lock positions
are executed at first market prices;
• Limit orders are executed
at stated prices;
• Buy Stop and Sell Stop orders for position
opening are executed at first market prices.
9.5.13. The Client
acknowledges and agrees that due to market volatility and factors
beyond its control, the
Company cannot guarantee that an Order
will be executed at the level specified in the Client Order, for
example,
an Order may be closed at a worse price than as originally specified
by the Client in such an Order.
In such an event, the Company
will close the Transaction at the next best price. For example, with
respect to a Close at Loss, in the case of a Buy to close, the price
of an Instrument underlying such Order may suddenly
increase
above the Close at Loss price, without ever reaching such price. In
the case of a Sell to close, the
price of an Instrument
underlying such Order may suddenly decrease below the Close at Loss
price, without
ever reaching such price.
9.5.14. With
respect to a Close at Profit where the price for an Underlying Asset
moves to the Client’s a
dvantage (for example, if the price goes
down as the Client Buys or the price goes up as the Client Sells),
the
Client agrees that the Company can pass such price improvement on to
the Client.
9.5.15. In the event that the Company is unable to
proceed with an Order, with regard to price or size or
other
reason, the Company will not send a re-quote to the Client (with the
price it is willing to deal until the
Client places his/her
objection in writing within five (5) Business Days. The Client might
request to receive
the Account statement monthly or quarterly via
email, by providing such a request to the client support
department,
but the Company is not obliged to provide the Client with the paper
Account statement. The
Account statement is provided at the
expense of the client.
Authorizationof third person to give
instructions on behalf of a Client
10.1. The Client has the right
to authorize a third person to give instructions and/or Orders to
the
Company or to handle any other matters related to this
Agreement, provided that the Client has notified the
Company in
writing that such a right shall be exercised by a third
party and
that this person is approved by the Company and fulfils all of
Company’s conditions to allow this.
10.2. In case the Client has
authorized a third person, is agreed that in the event that the Client
wishes to
terminate the authorization, it is the Client’s full
responsibility to notify the Company of such decision in
writing.
In any other case, the Company will assume that the authorizationis
still ongoing and will continue
accepting instructions and/or
Orders given by the authorised person on behalf of the Client.
Abusive
Trading
If the Company reasonably suspects that the Client
performed abusive trading such as, but not limited to, pip-hunting,
scalping, arbitrage, manipulations or a combination of faster/slower
feeds, it may, at its absolute discretion, at any time and without
prior Written Notice, take one or more of the following actions:
(a)
Terminate this Agreement immediately without prior notice to the
Client;
(b) Cancel any Open Positions;
(c) Temporarily or
permanently bar
access to the Trading Platform or suspend or
prohibit any functions of the Trading Platform;
(d) Reject or
Decline or refuse to transmit or execute any Order of the Client;
(e)
Restrict the Client’s trading activity;
(f) In the case of fraud,
reverse the funds back to real owner or according to the instructions
of the law
enforcement authorities of the relevant country;
(g)
Cancel or reverse of profits gained through abusive trading or the
application of artificial intelligence
in the Client Account;
(h)
Take legal action for any losses suffered by the Company.
11.1 In
case the Company reasonably suspects that the client is abusing any of
the Company’s policies by
the creation and or use and or funding
of multiple accounts, the Company may use funds from any of the
client’s
accounts to cover any possible losses deriving from the client’s
abusive behavior. The Company, at its
own discretion, may
subsequently decide to suspend the client to the use of (1)one trading
account only and
or terminate any business relationship with the
client as the case may be.
REFUSAL TO EXECUTE ORDERS
12.1.
The Company has the right, at any time and for any reason and without
giving any notice and/or
explanation, to refuse, at its
discretion, to execute any Order, including without limitation in the
following
cases:
(a)If the Company has adequate reasons to
suspect that the execution of an Order is part of an attempt
to
manipulate the market, trading on inside information, relates to money
laundering activities or terrorist
financing or fraud or if it
can potentially affect in any manner the reliability, efficiency, or
smooth operation
of the Trading Platform.
(b)If the Client
does not have sufficient available funds deposited with the Company or
in his bank
account to pay the purchase price of an Order along
with the respective fees and commissions necessary to
carry out
the transaction in the Trading Platform. In the event that the Company
does refuse to execute an
order, such refusal will not affect any
obligation which the
Client may have towards the Company or any
right which the Company may have against the Client or his assets.
(c)If
the order is a result of the use of inside confidential information
(insider trading)
12.2. It is understood that any refusal by the
Company to execute any order shall not affect any obligation
which
the client may have towards the Company or any right which the Company
may have against the
customer or his assets.
CANCELLATION
OF TRANSACTIONS
The Company has the right to cancel a transaction
if it has adequate reasons / evidence to believe that one
of the
following has incurred:
(a) Fraud / illegal actions led to the
transaction,
(b) Orders placed on prices that have been displayed
as a result of system errors or systems
malfunctions either of
those of the Company or of its third party service providers.
(c)
The Company has not acted upon Client’s instructions.
(d) The
Transaction has been performed in violation to the provisions of this
Agreement.
OUR RIGHT TO FORCE CLOSE
14.1.If the prices
quoted on the Trading Platform change such that the total difference
payable by you
pursuant to all of your open Transaction equals or
exceeds the total Maintenance Margin for all such
Transactions,
or the amount in your Trading Account is equal to or less than the
total Maintenance Margin
for all of your open Transaction(s), or
if we receive a charge-back from your credit card issuer or with
respect
to any other payment method for any reason, you
acknowledge that we have the right, in our sole
discretion, to
immediately close any and all of your open Transactions whether at a
loss or a profit and
liquidate your Trading Account without any
prior notice. The exercise of our right to force close your open
Transactions
will not result in termination of your account or of this Agreement,
unless we send you a notice
of termination.
14.2.
Notwithstanding the foregoing, if the prices quoted on the Trading
Platform move against the price
of your Transaction, we may,
without obligation or liability, request that you increase the amount
in your
Trading Account, within a short period of time, to cover
the Difference and/or meet the Maintenance
Margin requirements
for the purpose of keeping a Transaction open. If you fail to comply
with a request for
additional funds within the time prescribed by
us, we may in our sole discretion, close any and all of your
open
Transaction whether at a loss or a profit and liquidate your Trading
Account for the Difference payable
by you. It is your
responsibility to monitor, at all times, the amount deposited in your
Trading Account
against the amount of any Margin required as a
result of your trading decisions.
14.3. We may specify on the
Trading Platform expiration times and dates for various Underlying
Assets traded on
the Trading Platform. If the Trading Platform
specifies such a time of expiration for an Underlying
Asset, you
hereby authorize us to close any open Transactions with respect to
such an Underlying Asset at
the price quoted on the Trading
Platform at such time.
14.4. You acknowledge that the trading of
certain Underlying Assets on the Trading Platform may become
volatile
very quickly and without warning. Due to the high degree of risk
involved in trading volatile
14.5.It is commonly understood that
any amount payable by the Company to the Client, shall be paid
directly
to the bank account of the beneficial owner which is the Client. Fund
transfer requests are
processed by the Company within the time
period specified on the Company’s official website and the time
needed
for crediting into the Client’s personal account will depend on the
Client’s bank account provider.
gfxroyal accepts no
responsibility for bank clearing.
CHARGES
15.1. Prior
to trading CFDs, the Client needs to consider any applicable charges
such as spread(s),
commission(s) and swap(s). The Client is
solely responsible for requiring clarifications from the Company in
relation
to the above, if necessary.
15.2. By accepting the Client
Agreement, the Client has read, understood and accepted the
information
available on the Company’s Website www.gfxroyal.com,
in which all related spreads, charges, margin,
interest and other
rates are explained. The Company reserves the right to amend, from
time to time, at its discretion any of the charges applicable to
Client when trading financial instruments without prior written notice
to the latter; such amendments will be available on the Company’s
Website www.gfxroyal.com which the Client must review during the
period the Client is dealing with the Company and especially before
and after placing any orders to the Company.
15.3. The Client
should note that not all charges are represented in monetary terms;
for example, charges may appear as a percentage of the value of a CFD;
therefore the Client needs to ensure that he/she understands the
amount that the percentage amounts to.
15.4. The Client should
note that any applicable charges will be instantly deducted from
his/her Trading Account.
15.5. Spread(s) and Commission(s): The
applicable spread(s) and commission(s) charged when
conducting a
trade are available online on the Company’s website
www.gfxroyal.com.
15.6. The Client shall be obliged to pay all
applicable VAT and other taxes and all other fees incurred by
the
Company in connection with any Contract and/or in connection with
maintaining the Client relationship.
15.7 In respect of any
transactions to be effected OTC, the Company shall be entitled to
quote prices at
which the Execution Venue is prepared to trade
with the Client. Save where the Company exercises any
rights it
may have under the Terms to close a Contract, it is the Client’s
responsibility to decide whether or
not it wishes to enter into a
Contract at such prices.
MARGIN DEPOSITS, COLLATERAL AND
PAYMENT
16.1 The Client shall pay to the Execution Venue on
demand:
(a)Such sums of money by way of deposits or as initial or
variation Margin as the Company may from
time to time require;
(b)Such
sums of money as may from time to time be due to the Execution Venue
under a Contract and
such sums as may be required in or towards
clearance of any debit balance on any Account;
(c)Such sums of
money as the Company may from time to time require as security for
the
Client’s obligations to the Execution Venue; and
(d)Any
amount necessary for maintaining a positive balance in any and all
Accounts.
16.2. The Company’s negative balance protection policy
ensures that In the event that a negative balance occurs in the
Client’s Trading Account due to Stop Out, the Company will make a
relevant adjustment of the full negative amount so as to the Client
not to suffer the loss.
16.3. In the event funds are incorrectly
placed into your account and/or withdrawn by you, the Company
reserves
the right to retrieve these funds either directly from the account in
question or via any other
accounts held by the account holder
with the Company. In the event that there are open trades within
the
account the Company will contact the Client via email and
inform the Client of the actions to remedy the
situation and that
any trades must be closed. Failure of the Client to comply could
result in insufficient funds
in the account to hold the positions
that are open and could ultimately lead to the stopping out of the
open
positions. The Company will not be held liable for such
events resulting in any loss direct or indirect to the
Client.
MARGIN
REQUIREMENTS AND MARGIN CALLS
17.1. In order to open a
Transaction for an Underlying Asset, you undertake to provide the
Initial Margin
in your Trading Account. In order to keep a
Transaction open, you undertake to ensure that the amount in
your
Trading Account exceeds the Maintenance Margin. You acknowledge that
the Margin for each
Underlying Asset differs and may be changed
by us in our sole discretion from time to time. Deposits into
your
Trading Account can be made by wire transfer or another method of
payment, to a bank account, or
other location, as we may notify
to you from time to time.
Based on the amount of money you have
in your Trading Account, we retain the right to limit the amount and
total number of open Transactions that you may wish to open or
currently maintain on the Trading Platform. It is understood that each
different type of Trading Account offered by us from time to time may
have different Margin Requirements.
17.2. It is your
responsibility to ensure that you understand how Margin Requirements
are calculated.
17.3. Unless a Force Majeure Event has occurred,
the Company has the right to change the Margin
requirements,
giving to the Client five (5) Business Days Written Notice prior to
these amendments. New
Margin Requirements shall be applied for
new positions. The Company has the right to change Margin
requirements
without prior notice to the Client in the case of Force Majeure Event.
In this situation the
Company has the right to apply new Margin
requirements to the new positions and to the positions which
are
already open. All changes shall be effected on the Platform and/or the
Website and the Client is
responsible to check for updates. It is
the Client’s responsibility to monitor at all times the amount
deposited
in his Trading Account against the amount of any Margin
required under this Agreement and any additional
margin that may
become necessary.
17.4. You are aware and acknowledge that we
may, in our sole discretion, require you to take certain
action
in your Trading Account pursuant to a Margin Call. A Margin Call may
be based upon a number of factors, including without limitation, your
overall position with us, your account size, the number of open
transactions you have, volume traded, your trade history and market
conditions.
17.5. The Company shall not have an obligation to
make any Margin Call to the Clientbut in the event that it does, or in
the event that the Trading Platform warns the Client that it reached a
certain percentage of the margin in the Trading Account, the Client
should take any or any of the three options to deal with the
situation:
(a)Limit his exposure (close trades); or
(b)Hedge
his positions (open counter positions to the ones he has right now)
while re-evaluating the
situation; or
(c)Deposit more money
in his Trading Account.
17.6. In the event the existing or
deposited Margin in the Client’s Account is not sufficient to meet
the
required Margin rates , as those are determined by the
Company, the Client’s transactions and account
might be
immediately closed or terminated without notice. Without prejudice to
the generality of the
foregoing, the Company reserves the right
to start closing Client’s open positions starting from the most
unprofitable,
when the Margin in the Client’s Account is less than 50% of the Margin
or Leverage Level
Requirement. In case the Margin is equal to or
less than 20% of the Margin or Leverage Level requirement,
then
the Client’s open positions will be automatically closed, starting
from the most unprofitable during the
relevant time market price,
unless otherwise agreed on specific account types.
17.7. Failure
to meet the Margin Requirement at any time or failure to make a Margin
Payment when due
may result in force closure of your open
positions without further notice to you.
17.8. Margin shall be
paid in monetary funds in the Currency of the Client Account.
17.9.
The Client undertakes neither to create nor to have outstanding any
security interest whatsoever
over, nor to agree to assign or
transfer, any of the Margin transferred to the Company.
17.10. If
you have more than one Trading Account with us, each Trading Account
will be treated entirely
separately. Therefore any credit on one
Trading Account (including amounts deposited as margin) will not
discharge
your liabilities in respect of any other Trading Account. It is your
responsibility to ensure the
required level of margin is in place
for each Trading Account separately.
PAYMENTS AND SET-OFF
IN THE TRADING ACCOUNT
18.1. Upon completing a Transaction and
subject to any applicable adjustments for interest as set forth in
this
Agreement:
(a)You shall be liable for the Difference if the
Transaction is:
(i)A Sell, and the closing price of the
Transaction is higher than the opening price of the Transaction; or
(ii)A
Buy, and the closing price of the Transaction is lower than
the
opening price of the Transaction.
(b)You shall receive the
Difference if the Transaction is:
(i)A Sell, and the closing
price of the Transaction is lower than the opening price of the
Transaction; or
(ii)A Buy, and the closing price of the
Transaction is higher than the opening price of the Transaction.
18.2.
Unless we agree otherwise, all sums for which you are liable pursuant
to Paragraph 18.1 are due
immediately upon the closing price of
your Transaction being determined by us and the Transaction being
closed19.3.
You hereby authorize us to automatically liquidate your Trading
Account for the amounts for which
you are liable pursuant to
Paragraph 19.1 upon the closing of a Transaction, or for any other
amounts due by
you under this Agreement, without further notice.
Any failure to enforce our rights hereunder shall not be
deemed a
waiver by us to enforce our rights hereunder.
18.3. You hereby
authorize us to automatically liquidate your Trading Account for the
amounts for which
you are liable pursuant to Paragraph 19.1 upon
the closing of a Transaction, or for any other amounts due by
you
under this Agreement, without further notice. Any failure to enforce
our rights hereunder shall not be
deemed a waiver by us to
enforce our rights hereunder.
18.4. Subject to any amounts for
which you are liable under this Agreement and the amount of the
Maintenance
Margin required in your Trading Account in accordance with this
Agreement due to open
Transactions, any money standing to the
credit of your Trading Account will be remitted to you upon your
request.
Where you do not make such a request, we will remit such monies to you
according to paragraph
(Deposits and Withdrawals) of this Client
Agreement.
18.5. You shall be liable for any and all taxes, fees
and assessments with respect to any Transaction you
complete on
the Trading Platform. It is your obligation alone to calculate and pay
all taxes applicable to you in your country of residence, or otherwise
arising as a result of your trading activity from the use of the
Trading Platform.
18.6. Notwithstanding the above, if required by
applicable law, the Company shall deduct at source from
any
payments due to you such amounts as are required by the tax
authorities to be deducted in accordance
with applicable law.
18.7.
It is possible that other costs, including taxes, relating to
transactions carried out on the Trading
Platform may arise for
which you are liable and which are neither paid via us nor imposed by
us. Without
derogating from your sole and entire responsibility
to account for tax due, you agree that we may deduct
tax, as may
be required by the applicable law,with respect to your trading
activity on the Trading Platform.
You are aware that we have a
right of set-off against any amoin your Trading Account with respect
to such
tax deductions, and you hereby authorize us to withdraw
amounts from your Trading Account with which to
pay such taxes.
You shall have no claim against us with regard to such deductions. You
further agree that
such deductions do not derogate from our
rights to make Margin Calls under this Agreement.
18.8. You
undertake to pay all stamp expenses relating to this Agreement and any
documentation which
may be required for the carrying out of the
Transactions under this trades at off-market prices and/or outside
operating hours and performs any other action that constitutes
improper trading;
-A petition is presented for the winding-up or
administration of the Client;
-An order is made or a resolution
is passed for the winding-up or administration of the Client (other
than
for the purposes of amalgamation or reconstruction with the prior
written approval of the Company);
-The Client fails to fully
comply with any obligations within the text of these Terms or any
Contract
including failure to meet margin requirements;
-Any
representation or warranty made or given
or deemed made or given
by the Client under this Agreement becomes untrue or proves to have
been false or misleading in any material respect as at the time it was
made or given or deemed made or given;
-The Company is obliged to
so by operation of law;
-Any other situation where the Company
reasonably considers it necessary or desirable for its own
protection
or any action is taken or event occurs which the Company considers
that might have a material
adverse effect upon the Client’s
ability to perform any of its obligations under this Agreement;
-The
Client involves the Company in any type of fraud or illegality or
breach of applicable regulations
or is at risk of involving the
Company in any type of fraud or illegality or breach of the
Applicable
Regulations;
-The Company suspects that the
Client is engaged into money laundering activities or terrorist
financing
or other criminal activities;
-The Company reasonably suspects
that the Client performed abusive trading;.The Company reasonably
suspects that the Client opened the trading account fraudulently.
GENERAL
PROVISIONS
19.1. The Client acknowledges that no representations
were made to him by or on behalf of the Company which have in any way
incited or persuaded him to enter into the Agreement.
19.2. In
case any provision of the Agreement is or becomes, at any time,
illegal, void or unenforceable in
any respect, in accordance with
a law and/or regulation of any jurisdiction, the legality, validity
or
enforceability of the remaining provisions of the Agreement or
the legality, validity or enforceability of such
provision in
accordance with the law and/or regulation of any other jurisdiction,
shall not be affected.
19.3. All Transactions on behalf of the
Client shall be subject to the laws which govern the establishment
and
operation, the regulations, arrangements, directives, circulars and
customs (jointlyhereinafter called
the “Laws and Regulations”) of
the European Markets in Financial Instruments Directive (MiFID) and
any other authorities which govern the operation of the Investment
Firms (as defined in such Laws and Regulations), as they are amended
or modified from time to time. The Company shall be entitled to take
or omit to take any measures which it considers desirable in view of
compliance with the Laws and Regulations in force at the time. Any
such measures as may be taken and all the Laws and Regulations in
force shall be binding for the Client.
19.4. The Client shall
take all reasonably necessary measures (including, without prejudice
to the
generality of the above, the execution of all necessary
documents) so that the Company may duly fulfil its
obligations
under the Agreement.
INTELLECTUAL PROPERTY
20.1. You
acknowledge that all content, trademarks, services marks, trade names,
logos and icons and in
general all Intellectual Property Rights
on the gfxroyal Website (www.gfxroyal.com) are the property of
gfxroyal
or its affiliates or agents and are protected by copyright laws and
international treaties and
provisions.
20.2. You agree not
to delete any copyright notices or other indications of protected
intellectual property
rights from materials that you print or
download from the website. You will not obtain any intellectual
property
rights in, or any right or license to use such materials or the
website, other than as set out in this
Agreement.
20.3. You
also agree not to copy, record, edit, alter or remove any of the
materials on the gfxroyal
website. This shall include, without
limitation, not removing, editing or otherwise interfering with (or
attempting to remove, edit or otherwise interfere with) any name,
marks, logos or branding on the gfxroyal website.
20.4. Images
displayed on the website are either the property of gfxroyal or used
with permission. You
agree not to upload, post, reproduce or
distribute any information, software or other material protected by
copyright
or any other intellectual property right (as well as rights of
publicity and privacy) without first
obtaining the permission of
the owner of such rights and the prior written consent of gfxroyal.
20.5.
Unless expressly stated otherwise are the gfxroyal surrendered
materials and / or messages,
including ideas, know-how,
techniques, marketing plans, information, questions, answers,
suggestions, e-mails and comments, neither confidential nor will the
customer hold the intellectual property in it. The agreement to the
Terms and Conditions shall be regarded as authorizing the gfxroyal to
use any customer data (excluding the personal identification data of
the customer). Such use does not require additional client approvals
and / or will not be billed separately.
FRAUD
If an
Event of Default occurs the Company may, at its absolute discretion,
at any time and without prior written notice, be entitled to take one
or more of the following actions:
a)Terminate this Agreement
immediately without prior notice to the Client;
(b)Cancel any
open positions;
(c)Temporarily or permanently bar access to the
Platform and/or the Client’s trading account or suspend or prohibit
any functions of the platform;
(d)Reject or decline or refuse to
transmit or execute any order of the Client;
(e)Restrict the
Client’s trading activity;
(f)debit the Account(s) for the
amounts which are due to the Company;
(g)close or freeze any or
all of the Accounts held with the Company;
(h)In the case of
fraud, reverse the funds back to the real owner or according to the
instructions of the
law enforcement authorities of the relevant
country; we are continually developing tools to monitor any fraudulent
activity and any cases from such activity will be decided on by
ourselves and any decision made shall be final and non negotiable.
e)We
reserve the right to deduct the disputed amount until any
investigation from our side is completed.
APPLICABLE LAW,
JURISDICTION
21.1. This Agreement and all transactional relations
between the Client and the Company are governed by
the Laws of
Spain and the competent court for the settlement of any dispute which
may arise between
them shall be the District Court of the
district in which the Company’s headquarters are located.
21.2.
The Company may use a Third Party in a country outside European
Economic Area and where the
holding and safekeeping of financial
instruments is not regulated. The Company will only do so when the
nature
of the financial instruments or of the other services provided for the
Client requires them to be
deposited with such a Third Party or
where the Company consider that this course of action is consistent
with
the Company’s obligations and services to the Client.
The Financial Products offered
by the company include Contracts for Difference (‘CFDs’) and other
complex financial products. Trading CFDs carries a high level of
risk since leverage can work both to your advantage and
disadvantage. As a result, CFDs may not be suitable for all
investors because it is possible to lose all of your invested
capital. You should never invest money that you cannot afford to
lose. Before trading in the complex financial products offered
please ensure to understand the risks involved. One of the
international standards for preventing illegal activity, fraudulence
and due to the standards of anti-money laundering policy, a customer
has to pass the verification procedure. Our company is following
international KYC policy, that allows us to verify identity of a
certain customer, to make sure that a customer is a real person, he
is over 18 years old and the card/s he used belongs directly to him.
Also we are cooperating with processors, and processors are
informing us right away once they noticed any fraudulent activity
with the card from their side. Basically, our KYC policy is 100%
guarantor of security and placed in order to prevent fraudulence.