Terms And Conditions
Introduction to Our Services
Welcome to Forzitek! Our terms and conditions (the “Agreement”) outline the rules and regulations for using our website and services. By using our website or services, you agree to be bound by these terms and conditions. If you disagree with these terms, you may not use our website or services.
Company Overview
Forzitek is a trading platform created by BartexDev Global, registered at Suite #2, Hunkins Plaza, Main Street, Charlestown, Nevis, with registration number L 23172. It provides a full-fledged environment and tools for traders to monitor, analyse and trade popular assets. Our website provides access to financial markets and necessary trading tools to perform a professional activity. We are committed to providing our customers with the highest service and support. If you have any questions or concerns about our services, please get in touch with us at [email protected].
We may update or modify these terms and conditions without prior notice. Your continued use of our website or services after any changes to the terms and conditions will constitute your acceptance of those changes. Please review this Agreement periodically for any updates or changes.
Contact Information
A user can communicate with us in any of the following ways:
Forzitek monitors your communications to evaluate the quality of service you receive, your compliance with this Agreement, the website’s security, or other reasons. You agree that such monitoring activities will not entitle you to any cause of action or other rights concerning how the Company monitors your communications.
Eligibility Criteria
To become a member of Forzitek, you must meet the following eligibility criteria:
By creating an account and using the Forzitek platform, you acknowledge that you have read and agree to these member eligibility requirements. We reserve the right to update these requirements at any time, and you must check for updates periodically.
Key Terms and Definitions
Please note that Forzitek does not accept US Reportable person clients.
In this Agreement, all the words denoting only the singular number will also comprise the plural, wherever the above definitions apply and vice versa. The words that indicate natural persons will contain legal persons and vice versa. Words denoting any gender include all genders, and whenever reference is made to the terms “Paragraphs,” “Sections,” and “Appendices,” it concerns paragraphs, sections, and appendices of this Agreement.
You take entire responsibility concerning any investment strategy, transaction or investment, tax costs, and any consequences brought by any transaction you perform. The Company shall not be held responsible, nor shall you rely on the Company for those as mentioned above.
Forzitek can provide general trading recommendations, market commentary, or other information in its newsletters and/or Website. Such information is provided solely to enable you to make investment decisions and does not result in investment advice.
If the document restricts the person or category of persons who can access it. You agree that you will not pass it on to any such person or category.
Forzitek gives no representation, warranty, or guarantees as to the accuracy or completeness of such information or the tax consequences of any Transaction. You accept that before its dispatch, the Company may have used the information on which it is based.
Forzitek’s operating hours are from 00:01 GMT on Sunday to 23:59 GMT on Friday, excluding holidays announced through the Company’s Website. The Company reserves the right to suspend or modify the operating hours. In such an event, its website will be updated without delay so that you are informed accordingly.
Setting Up an Account
When you register an account, you agree to this Agreement and provide all the necessary information to identify and verify your account, including all the required documentation (scanned copies/photos). This information will allow us to identify and categorise you according to the company’s “Client Categorization Policy.”
Each Client is allowed to register only one (1) account. If the Client registers more than one (1) account, the Company reserves the right to transfer money or trades from one account to the other, even if the transfer will require closing any trades on the account from which the transfer took place.
Your personal information is collected in compliance with our stringent verification procedures, which are used to deter international money laundering operations and ensure the security and safety of our customer’s trading activity. It is subject to the Company’s “Privacy Policy.”
If you register as a legal entity, you now declare that you can bind that entity to this Agreement. The Company will treat the information you entrust to the Company with care by the disclosures it provides during the Registration process and in its Privacy Policy.
By registering with the Company, you confirm and agree that you consent to use all or part of the information you supply concerning your trading account, the transactions you undertake through it, and the interactions you perform with the Company on behalf of the Company.
The Company will store all interactions you undertake with the Company for record keeping, as required by the Law. It may be employed by the Company in case disputes arise between you and the Company or any other competent authority.
Application Guidelines
To open an account with Forzitek, you must provide the following information and meet the following requirements:
Prohibited Jurisdictions: You may not open an account or use Forzitek in a jurisdiction where our services are prohibited by law or regulation.
Client Classification
You are categorised as a Retail Client. This categorization provides the highest level of protection compared to a Professional Client or Eligible Counterparty. If you wish to be re-categorized, you must inform the Company in writing and clearly state such a wish. However, the final decision on the change in categorization lies at the company’s absolute discretion.
User Obligations
You state, confirm, and guarantee that any funds handed to the Company for trading purposes belong exclusively to you and are not subject to lien, charge, pledge, or any other burden. Further, whatever funds you hand over to the Company are not in any manner whatsoever directly or indirectly a product of any criminal activity.
You act for yourself and not as a representative or a trustee of any third person unless you have produced, to the satisfaction of the Company, a document and/or powers of attorney enabling you to act as representative and/or trustee of any third person.
You agree and understand that should such an event occur, i.e., the Company reasonably suspects that a client’s funds are the result of illegal activity and/or belonging to a third party, the Company will report such an event to the Financial Service Authority Unit of Saint Kitts and Nevis. Moreover, the Client’s account with the Company will terminate immediately, and funds will remain as such, pending investigation, without informing the Client of any ongoing investigation. Furthermore, you also agree and understand that the Company may reverse any Transactions performed in your Trading Account and may terminate this Agreement. The Company reserves the right to take legal action against you to cover and indemnify itself upon such an event. It may claim any damages caused to the Company by you due to such an event.
You declare that you are over 18 (eighteen) years old, in the case of a natural person, or that you have total legal capacity, in the case of a legal person, to enter into this Agreement.
You understand and accept that all transactions concerning any Financial Instruments will be traded only through the Trading Platforms provided by the Company. The Financial Instruments are not transferable to any other Trading Platform whatsoever.
You guarantee the authenticity and validity of any document handed over by the Client to the Company. You understand and accept that the Company cannot provide you with any legal advice or assurances regarding your use of the Services, and the Company makes no representations whatsoever as to the legality of the Services in your jurisdiction.
Digital Trading Guidelines
The Company will provide you with an Access Code to gain online access to the Company’s Website and/or trading platforms. This will allow you to place orders for any Financial Instrument available from the Company and enter into Transactions with the Company.
You will be able to trade on the Company’s Trading Platforms with and through the Company using a personal computer, smartphone, or any other similar device connected to the Internet. In this respect, you understand that the Company can, at its absolute discretion, terminate your access to the Company’s systems to protect both the Company’s and your interests and ensure the systems’ effectiveness and efficiency.
You agree to keep the Access Code in a safe place at your discretion and not reveal it to anyone else. You will not proceed and avoid any action that could probably allow the irregular or unauthorised access or use of the Trading Platforms.
You agree not to attempt to violate the Trading Platforms to make illegal profits or to profit by taking advantage of the server latency or applying practices such as price manipulation, lag trading, and time manipulation.
You are responsible for all acts or omissions that occur within the Website through the use of your registration information. If you believe that someone has used or is using your registration information, username, or password to access any Service without authorization, you should notify the Company immediately. You must try to keep the Access Code secret and keep it known only to you. You will be liable for any Orders received by the Company through your trading Account under your Access Code. Further, any orders the Company receives will be considered as received from you. In cases where a third person is assigned as an authorised representative to act on your behalf, you will be responsible for all Orders given through and under the representative’s Account Password.
If you have opened more than one (1) Trading Account, the Company shall be authorised to consider and treat these different accounts as a single unit. The Company is entitled to transfer money or trades from one account to another, even if the event will require closing any trades on the account from which the transfer will occur.
You are responsible for monitoring your Account and notifying the Company immediately if it comes to your attention that your Access Code is lost or being used by an unauthorised third party. Also, you agree to immediately notify the Company should you become aware of any failure by you to receive a message indicating the reception and/or execution of an Order, the accurate confirmation of execution, any information for your Account balances, orders, or transactions history as well as in case you receive confirmation of an Order that you did not place.
You acknowledge that the Company may choose not to take action based on Orders transmitted to the Company using electronic means other than those Orders transmitted to the Company using the predetermined electronic means such as the Trading Platform, and the Company shall have no liability towards the Client for failing to take action based on such Orders.
You agree to use software programs developed by third parties, including but not limited to the generality of those mentioned above, as well as browser software that supports data security protocols compatible with protocols used by the Company. Moreover, you agree to follow the Company’s access procedure (Login), which supports such protocols.
The Company will not be held responsible in the event of unauthorised access from third persons to information including, but not limited to, electronic addresses and/or personal data, through the exchange of these data between you and the Company and/or any other party using the Internet or other network or electronic means available.
The Company is not responsible for any power cuts or failures that prevent the use of the system and/or the Trading Platform and cannot be responsible for not fulfilling any obligations under this Agreement because of network connection or electricity failures. The Company further reserves the right to ask you to give instructions regarding your transactions by other appropriate means.
The Company shall have no liability for any potential damage you may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, viruses, system errors, delays in execution, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers. You acknowledge that access to electronic systems/trading platforms may be limited or unavailable due to such system errors and that the Company reserves its right upon notifying you to suspend access to electronic systems/ trading platforms for this reason.
The Company has the right, unilaterally and with immediate effect, to suspend or withdraw permanently your ability to use any Electronic Service, or any part thereof, without notice, where the Company considers it necessary or advisable to do so, for example, due to your breach of any provisions of this Agreement, on the occurrence of an Event of Default, network problems, failure of power supply, for maintenance, or to protect you when there has been a breach of security. In addition, a service may be terminated automatically upon the termination (for whatever reason) of any licence granted to the Company related to the particular service or this Agreement. The use of a service may be terminated immediately if any market withdraws the service.
Financial Disclosure
Through one or more of its Services, the Company may opt to make available a wide range of financial information generated internally from agents, suppliers, or partners (“Third Party Providers”). This includes but is not limited to financial market data, quotes and news, analyst opinions, research reports, graphs, and data (“Financial Information”).
The company’s website’s financial information is not intentional investment advice. The Company and its Third-Party Providers do not warrant the accuracy, timeliness, completeness, or correct sequencing of the financial information or results of your use of this financial information. The financial information may promptly become unreliable for various reasons, including, for instance, changes in market conditions or economic circumstances.
It is your responsibility to verify the reliability of the information on the Company’s Website and its suitability for your needs. We exclude all liability for any claim, damage, or loss caused by information contained in the Company’s Website or referenced by the Company’s Website.
Order Placement and Execution
You can place an Order via the Forzitek trading platform. Once the Company receives your instructions or Orders, they cannot be revoked, except with the Company’s written consent, which may be given at the Company’s sole and absolute discretion.
You place your market request at the prices you see on your terminal/platform, and the execution process is initiated. Due to the high volatility of the market and the internet connectivity between the customer terminal and the server, the prices requested by the customer and the current market price may change during this process.
You have the right to use a Power of Attorney to authorise a third person (representative) to act on your behalf in all business relationships with the Company. The Power of Attorney should be provided to the Company accompanied by all identification documents of the representative. Without expiry, the Power of Attorney will be considered valid until your written termination.
The Company uses its reasonable endeavours to execute any order promptly. Still, in accepting your orders, the Company does not represent or warrant that it will be possible to execute such Order or that execution will be possible according to your instructions. If the Company encounters any material difficulty in carrying out an order on your behalf, for example, in case the market is closed and/or due to illiquidity in financial instruments and other market conditions, the Company shall promptly notify you.
Orders can be placed, executed, changed, or removed only within the operating (trading) time and remain effective throughout the next trading session. Your Order shall be valid and by 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.
Suppose any underlying asset of the Financial Instrument becomes subject to a specific risk resulting in a predicted fall in value. In that case, the Company reserves the right to withdraw the particular financial instrument from the Company’s trading platform.
There may be restrictions on the number of transactions you can enter on any day and the total value of those transactions. You acknowledge that some markets restrict the types of orders that can be directly transmitted to their electronic trading systems. These types of orders are sometimes described as synthetic orders.
The transmission of synthetic orders to the market depends upon the accurate and timely receipt of prices or quotes from the relevant market or market data provider.
If your Account/Accounts (in case the Client has Multiple accounts) have a negative value/balance following a Manual/Automatic close, Stop out of a Trade, or termination of this Agreement, that negative cash value represents a debt owed to BartexDev Global, which is due and payable immediately.
The Company reserves the right to claim the debt at any time, without notice to the Client, and in its sole discretion.
You acknowledge that a market may cancel a synthetic order when upgrading its systems, trading screens may drop the record of such an order, and you enter such orders at your own risk. However, should such an event occur, the Company will communicate with its clients in a durable medium before cancelling any “synthetic orders” or any orders.
You shall refer to the Company’s Website for details of the restrictions/ limits imposed on Transactions performed through its electronic systems and/or trading platforms.
The Company takes all reasonable steps to obtain the best possible results for its clients. The Company’s Best Execution Policy sets out a general overview of how orders are executed and several other factors that can affect the execution of a financial instrument.
Transaction Confirmation
Confirmations for all transactions executed in your Trading Account on a trading day will be available via your online Account through the Trading Platform as soon as the transaction is executed. It is your responsibility to notify the Company if any confirmations are incorrect. In the absence of manifest error, confirmations shall be conclusive and binding on you unless you place your objection in writing within 7 (seven) Business Days. You may request to receive the Account statement monthly or quarterly via email by providing such a request to the Company. Still, the Company is not obliged to provide you with the paper Account statement. The Account statement may be provided at the expense of the Client.
You have the right to authorise a third person to give instructions and/or Orders to the Company or to handle any other matters related to this Agreement, provided that you have notified the Company in writing that a third party shall exercise such a right and that the Company approves this person and fulfils all of Company’s conditions to allow this.
In case you have authorised a third person, as mentioned above, it is agreed that if you wish to terminate the authorization, it is your full responsibility to notify the Company of such a decision in writing. In any other case, the Company will assume that the approval is still ongoing and will continue accepting instructions and/or Orders given by the authorised person on your behalf.
Overview of Fees and Charges
The Company will quote prices at which it is prepared to deal with you. Save where:
Each price shall be effective and may be used in a dealing instruction before the earlier of its expiration time and the time, if any, at which it is otherwise withdrawn by the Company. A price may not be used in a dealing instruction after such time. Each price shall be available for use in a dealing instruction for a transaction with a principal amount not to exceed a maximum determined by the Company.
You acknowledge that these prices and maximum amounts may differ from prices and maximum amounts provided to other Company customers and may be withdrawn or changed without notice. In its sole discretion and without prior notice to you, the Company may immediately cease the provision of prices in some or all currency pairs and for some or all value dates at any time.
When the Company quotes a price, market conditions may move between the Company’s sending of the quote and the time your Order is executed. Such a movement may be either in your favour or against it. Prices that may be quoted and/or traded upon, from time to time, by other market makers or third parties shall not apply to trades between the Company and you.
Request Rejection Policy
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:
It is understood that any refusal by the Company to execute any order shall not affect any obligation which you may have towards the Company or any right which the Company may have against you or your assets.
You declare that you shall not knowingly give any Order or instruction to the Company that might instigate the Company taking action following the Paragraph above.
Cancelation Terms
The Company has the right to cancel a transaction if it has adequate reasons to believe that one of the following has incurred:
The transaction can only be cancelled by the Company’s Liquidity Providers and only for the reasons mentioned earlier.
Settlement Procedures
The Company shall proceed to a settlement of all transactions upon execution of such transactions. Acquisition of a financial contract is completed when the financial contract has been customised, the premium (or the margin, as the case may be) has been calculated, and payment has been verified. You agree to be fully and personally liable for the due settlement of every transaction under your account with the Company.
Fund Management Policy
Funds belonging to you that will be used for trading purposes will be kept in an account with any bank or financial institution used to accept funds, which the Company will specify from time to time and will be held in the Company’s name.
The Company will exercise due skill, care, and diligence in the selection, appointment, and periodic review of the credit institution, bank, money market fund, PSP, and liquidity provider it collaborates with to safeguard clients’ funds. The Company shall also consider the market reputation of such institutions to provide clients’ fund protection.
It is understood that the Company will hold funds on your behalf in a bank. The legal and regulatory regime applying to any such bank might differ from that in Saint Kitts and Nevis. In the event of insolvency or any other analogous events concerning that bank, your funds may be treated differently from the treatment that would apply if the funds were held with a bank in Saint Kitts and Nevis. The Company will not be liable for the insolvency, acts, or omissions of any third party referred to in this clause.
It is commonly understood that any amount payable by the Company to you shall be paid directly to you, to the same account used by the Client to deposit money to the Company for the account opening process, of which the beneficial owner is you. In case of a positive cash balance in the retail Client’s trading account, the Company will process the Client’s request to withdraw funds on the same day that the proposal to withdraw funds was made or the next working day if the Client’s request is received outside of regular trading hours. The time needed to credit your account will depend on your bank account provider.
The Company retains a right to set off. It may, at its discretion, from time to time and without your authorization, set off any amounts held on behalf and/or to your credit against your obligation to the Company. Unless otherwise agreed in writing by the Company and you, this Agreement shall not give rise to rights of credit facilities.
You have the right to withdraw the funds not used for margin covering, free from any obligations from your Account without closing the Account.
The Company reserves the right to decline a withdrawal request if the request is not under certain conditions mentioned in this Agreement or delay the processing of the request if not satisfied on the complete documentation provided.
Within your terms, you will pay any incurring bank fees in case of funds withdrawals from your trading account to your designated bank account. You are fully responsible for the payment details you provided to the Company, and the Company accepts no responsibility if you provide false or inaccurate bank details.
You agree that any amounts you send in the Company’s bank accounts will be deposited to your trading account at the value date of the payment received and net of any charges/fees charged by the Bank Account providers or any other intermediary involved in the transaction process. For the Company to accept any deposits by you, the sender’s identification must be verified and ensure that the person depositing the funds is you. If these conditions are not met, the Company reserves the right to refund the net amount deposited using the method the depositor uses.
The Company reserves the right to decline a withdrawal with a specific payment method and suggest another payment method where you must complete a new withdrawal request. If the Company is not fully satisfied with the documentation provided concerning a withdrawal request, the Company can request additional documentation, and if the request is not satisfied, the Company can reverse the withdrawal request and deposit the funds back into your trading account.
When a withdrawal application is submitted, the Company will process it within 15 working days. Withdrawal applications not received during business hours and/or on business days will be dealt with the next business day. When your withdrawal application is approved, it may take time for the banks and/or payment processors to process the payment. The Company shall not be held liable for such delays in these cases.
If the Bank Account provider reverses any amount received in the Bank Accounts at any time and for any reason, the Company will immediately reverse the affected deposit from your trading account and further reserves the right to reverse any other type of transactions effected after the date of the affected deposit. It is understood that these actions may result in a negative balance in all or any of your trading account(s).
You agree to waive any of your rights to receive any interest earned in the funds held in the Bank Account where your funds are kept.
All withdrawals will be charged with banking charges, commission for outward transfers, and other out-of-pocket expenses.
Please click here for indicative pricing for outward transfers, which is now in force. There is no fee to withdraw via credit card. However, any bank transfer withdrawal will accompany a processing fee of €75. Once a withdrawal request is submitted, the Company will process the withdrawal within one working day. The withdrawal applications received during business hours and/or business days will be dealt with the next business day. When your withdrawal application is approved, it may take time for the banks and/or payment processors to process the payment. In these cases, the Company shall not be liable for such delays”.
Inactive Account Handling
You acknowledge and confirm that any trading account held with the Company in which you have not placed a trade and/or made a deposit for over ninety (90) days shall be classified by the Company as an Inactive Account.
Inactive Accounts that remain without any type of transaction for six (6) months are considered dormant.
Policy on Dormant Accounts
Inactive accounts with zero balances are closed, and the Client is informed through an electronic message. Inactive accounts with balances are charged €85,00 per month for administration fees when inactive. They are closed when their balance becomes nil, and the Client is informed accordingly.
In the case where the six-month period that the account remains inactive lapses and the account presents a balance less than €99,00, the account shall continue to be charged for the administrative expenses till the balance becomes nil and the account is closed.
Charges and Costs
You shall pay our charges as agreed with you occasionally, any fees or other charges imposed by a clearing organisation, and interest on any amount due to us at the rates then charged by us. Any alteration to charges will be notified to you before the change takes effect.
The exact fee will be based on the currency denomination of the Client Account. Relevant fees are as such.
In case of any value-added tax or any other tax obligations arising from a transaction performed on your behalf or any other action performed under this Agreement for you, the amount incurred is fully payable. In this respect, you must pay the Company immediately when so requested. The Company is fully entitled to debit your account with the outstanding amount to be settled (excluding taxes payable by the Company about the Company’s income or profits).
The Company has the obligations and undertakes to disclose to the Client, upon their request, further details regarding the number of fees/commissions or any other remuneration paid by the Company to any third parties. The Company may also receive fees/commissions and further compensation from third parties based on a written agreement.
The Company receives fees/commissions from the counterparty through which it executes transactions. The fee/ commission is related to the frequency/ volume of transactions conducted through the counterparty. The Company has the obligation and undertakes to disclose to the Client, upon his request, further details regarding the amount of fees/commission or any other remuneration received from third parties.
Duties and Safeguards
It shall be noted that the Company and any entity related to the Company will perform transactions in good faith and with proper due diligence but shall not be held liable for any omission, deliberate omission, or fraud by any person, firm, or Company from whom the Company receives instructions for the execution of the Orders and/or from which transactions are carried out on behalf of you, including where this would be the result of negligence, deliberate omission or fraud on the part of the Company.
The Company will not be held liable for any lost opportunities by you that have resulted in either losses or reduction (or increase) in the value of your Financial Instruments.
In case the Company incurs any claims, losses, damage, liability, or expenses that arise throughout the provision of the Services and all related operations that are performed as a means for these Services to be committed to you as these are agreed in this Agreement or relation to the potential disposal of your Financial Instruments, you are entirely liable for these losses/expenses/liabilities/claims. In contrast, the Company bears absolutely no responsibility, and it is your responsibility to indemnify the Company for those above.
However, the Company’s charges, fees, commissions, etc., or the Client’s trading losses will not exceed the Client’s available balance.
The Company shall not be held liable for any damage caused to you due to any negligence, deliberate omission, or fraud by the bank where the Company’s bank account is maintained.
The Company shall not be held liable for the loss of Financial Instruments and funds you in cases where your assets are kept by a third party such as a bank or for an act that was carried out based on inaccurate information at its disposal before being informed by you, of any change in the said information.
The Company makes every effort to ensure that the banks and institutions to which your funds and/or financial instruments are deposited are of good standing and reputation. However, the Company shall not be held liable in the event of a loss resulting from deterioration of the financial standing of a bank or institution or for an event such as a liquidation, receivership, or any other event that causes the Bank or institution of a failure and therefore leads to a loss of all or part of the funds deposited.
Without prejudice to any other terms of this Agreement, the Company will not be liable for the following:
The Company shall not be liable to you for any partial or non-performance of its obligations hereunder because of any cause beyond the reasonable control of the Company, including without limitation any breakdown, delay, malfunction, or failure of transmission, communication, or computer facilities, industrial action, the act of terrorism, the act of God, acts and regulations of any governmental or supranational bodies or authorities or the failure by the relevant intermediate broker or agent, agent or principal of the Company’s custodian, sub-custodian, dealer, Market, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations.
Neither the Company nor its directors, officers, employees, or agents shall be liable for any losses, damages, costs, or expenses, whether arising out of the Client’s negligence, breach of contract, or otherwise, incurred or suffered by you under this Agreement (including any Transaction or where the Company has declined to enter into a proposed Transaction). In no circumstance shall the Company have liability for losses suffered by you or any third party for any special or consequential damage, loss of profits, loss of goodwill, or loss of business opportunity arising under or in connection with this Agreement, whether arising out of the Client’s breach of contract or otherwise.
You shall pay the Company such sums as it may from time to time require in or towards satisfaction of any debit balance on any of your accounts with the Company and, on a full indemnity basis, any losses, liabilities, costs, or expenses (including legal fees), taxes, imposts, and levies which the Company may incur or be subjected to concerning any of your accounts or any Transaction or any matching Transaction on a Market or with an intermediate broker or as a result of any misrepresentation by you or any violation by you of your obligations under this Agreement (including any Transaction) or by the enforcement of the Company’s rights. However, the Company’s charges, fees, commissions, etc., cannot exceed the Client’s available balance.
You acknowledge that you have not relied on or been induced to enter into this Agreement by a representation other than those expressly set out in this Agreement. The Company will not be liable to you for a representation not set out in this Agreement and is not fraudulent.
Terms of Contract and Changes
This Agreement shall be valid for an indefinite time until terminated by either the Company or you or both. It is considered valid only when the Client makes his/her first deposit with the Company.
The Agreement may be amended in the following cases:
In cases where any change in the legal framework does not require the amendment of the Agreement, the Company shall notify you of the relevant amendment through its main webpage and/or via email. If objections arise, you may terminate the Agreement within 7 (seven) days from the notification by sending a registered letter and on the condition that all pending transactions on your behalf shall be completed. Upon expiry of the above deadline without the Client having raised any objection, you shall be considered to consent and/or accept the amendment’s content.
Restricted Trading Actions
The Company aims to provide the most efficient trading liquidity through streaming, tradable prices for most financial instruments we offer on the trading platform. Because the delivery of these streaming, tradable prices is highly automated, Clients acknowledge and accept that price misquotations are likely to occur from time to time.
Should the Clients execute trading strategies to exploit such misquotation(s) or act in bad faith (commonly known as ‘sniping’), the Company shall consider this unacceptable behaviour. Should the Company determine, at its sole discretion and in good faith, that any of the Clients and/or any of their representatives trading on their behalf is taking advantage, benefitting, attempting to take advantage, or to the benefit of such misquotation(s) or that any Client is committing any other improper or abusive trading activities such for example:
Clients agree and acknowledge that they will not use our products and services for any Unauthorised Activity. “Unauthorised Activity” means any act, including but not limited to money laundering, arbitrage, trading on off-market quotes, etc.
In such events and where we reasonably believe that any transaction involves an unauthorised and/or abusive activity, the Company will have and retain the right to:
The Company has and will continue developing tools to identify fraudulent and/ or unlawful access and use of our Online Trading Facility.
Prohibited Actions
The concept of using trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices and/or by taking advantage of internet delays, commonly known as ‘arbitrage,’ ‘sniping,’ or ‘scalping’ (from now on collectively referred to as “Arbitrage”), or the use of specific automated trading systems or “Expert Advisors”; and or follow abusive trading strategy, i.e., any trading activity which is aiming towards potential riskless profit by opening opposite orders, during periods of volatile market conditions, during news announcements, on opening gaps (when trading sessions starts), or on possible gaps where the underlying instruments have been suspended or restricted on a particular market, between same or different trading accounts. These trading strategies cannot exist in an OTC market where the Client buys or sells directly from the Principal.
In exceptional cases, short-term orders lasting less than 180 seconds can be cancelled and considered abuse. If the Client uses a swap-free account to perform arbitrage orders, the Company reserves the right to change the account status back to regular and deposit/charge swaps for the whole period with prior written notification.
Information on Market Changes
The Company is not obligated to contact you to advise you on appropriate action in case of changes in Market Conditions or otherwise.
Clients agree and acknowledge that trading in Over-The-Counter Market Contracts for Differences (CFDs) is highly speculative and volatile and that, following the execution of any transaction, They are solely responsible for making and maintaining contact with us, monitoring open positions, and ensuring that any further instructions are given on a timely basis.
Information on CFD Trading
A contract for difference (‘CFD’) is an investment contract for which the profit or loss is the difference between the opening and closing price of the contract. The price of a CFD is determined by reference to the price of another financial instrument, such as shares, indices, commodities, or fixed-income securities.
Fees for Overnight Positions
A daily financing charge may apply to each Forex, CFD, or open position regarding Forex, CFD, at the closing of the Company’s trading day. If such a financing charge is applicable, it will either be requested to be paid by Customer directly to the Company or paid by the Company to Customer, depending on the type of CFD and the nature of the position Customer holds. The method of calculating the financing charge varies according to the type of CFD it applies. The financing charge will be credited or debited (as appropriate) to the Customer’s account on the next trading day following the day it relates.
The Company reserves the right to change the method of calculating the financing charge, the financing rates, and/or the types of CFDs to which the financing charge applies. For certain types of CFDs, the customer pays a commission to open and close CFD positions.
Such commission payable will be debited from the Customer’s account when the Company opens or closes the relevant CFD. Changes in our swap interest rates and calculations are at our discretion and shall be communicated with the clients in a durable medium preceding the imposition of such charges.
Clients need to check information constantly for the current rates charged. Information concerning the swap rates for each instrument is displayed on the Trading Platform. Rates may change quickly due to market conditions (changes in interest rates, volatility, liquidity, etc.) and various risk-related matters at the firm’s sole discretion.
However, should any changes be incurred concerning clients’ burdens such as charges, fees, commissions, levies including interest rates charged, etc., they will be communicated to the clients in a durable medium preceding the imposition of such charges.
Any open CFD transaction held by Customer at the end of the trading day as determined by the Company or over the weekend shall automatically be rolled over to the next business day to avoid an automatic close and financial settlement of the transaction. The customer acknowledges that when rolling over such transactions to the next business day, a premium may be either added or subtracted from the Customer’s account for such a transaction. Information concerning the swap rates for each instrument is displayed in the “details” link for each instrument on the Trading Platform.
Expiration and Renewal Terms
Trades in CFDs are linked to the market price of a particular base asset, including the market price of future contracts. A few days before the expiration date of the base asset to which the CFD is linked, the base asset shall be replaced with another asset, and the quotation of the CFD shall change accordingly.
For specific Instruments on our platform based on Futures Contracts, we may, in our sole and absolute discretion, set an Expiry Date and time. Information concerning the expiration date for each instrument is displayed on the Trading Platform.
If we set an Expiry Date for a specific Instrument, it will be displayed on the Trading Platform in the details link for each instrument. You acknowledge that you are responsible for informing yourself of the expiration date and time.
If you do not close an open Transaction concerning an Instrument that has an expiration date before such expiration date, the Transaction shall automatically close upon the expiration date. The Transaction shall close at the last price quoted on the Trading Platform immediately before the applicable Expiry Date and time.
Order Placement Options
Orders may be placed as market orders to buy or sell as soon as possible at a price obtainable in the market or on selected products as limit stop orders to trade when the price reaches a predefined level. Limit orders to buy and stop orders to sell must be placed below the current market price, and limit orders to sell and stop orders to buy must be placed above the current market price. If the bid price for sell orders or ask price for buy orders is reached, the Order will be filled as soon as possible at a price obtainable in the market. Limit and stop orders are executed consistently with the Company’s Order Execution Policy. They are not guaranteed executable at the specified price or amount unless explicitly stated by the Company for the specific Order.
Fluctuations in Pricing
You are warned that Slippage may occur when trading in Financial Instruments. This is the situation when an Order is presented for execution; the specific price shown to the Client may not be available; therefore, the Order will be executed close to or several pips away from the Client’s requested price. So, Slippage is the difference between the expected price of an Order and the price at which the Order is executed. If the execution price is better than the price requested by the Client, this is referred to as positive Slippage. If the completed price is worse than the price requested by the Client, this is called negative Slippage. Please be advised that Slippage is a standard element when trading in financial instruments.
Slippage more often occurs during periods of illiquidity or higher volatility (for example, due to news announcements, economic events, market openings, and other factors), making an Order at a specific price impossible to execute.
Your Orders may not be executed at declared prices. Slippage may appear in all types of accounts we offer. It is noted that Slippage can also occur during Stop-loss orders, Limit orders, and other types of Orders. We do not guarantee the execution of your Pending Orders at a price specified.
However, we confirm that your Order will be executed at the next best available market price from the specified price under your pending Order.
Usage Guidelines
The Client, at this moment, acknowledges and agrees that the Company may, in its sole discretion, add, remove, or suspend from the Platform any Financial Instrument on any type of Underlying Asset or Market from time to time in the event of a stock transformation event (for example as the result of a takeover, share consolidation/ split, merger, spinoff, nationalisation, de-listing, etc.) or if no Client Positions are held in a particular Financial Instrument at that time.
Additionally, in the event we are no longer able to provide an instrument in its current format, we reserve the right, in our sole discretion, to amend the content or terms of an instrument, including its expiry date, trading hours, or any other parameters in the instrument details tab, by providing you with notice.>
Maintaining Account Activity
To maintain a certain account status, you must accumulate a minimum monthly sum of trader points required for that account status. You can return to any account status by fulfilling the monthly trader points requirement for that account level as long as you meet the minimum deposit criteria or by making minimum required deposits that automatically upgrade you to the following account level. The monthly trader points requirement and accumulated trader points status can be viewed under your account menu.
In the event of any Takeovers and Transformations (including events such as share consolidations/ splits, mergers, takeovers, spinoffs, MBOs, de-listings, etc.), depending on the circumstances of each event, our policy is to close out any customer open Positions at the market price immediately before the event taking place. As a result of such an event, if any Instrument becomes subject to an adjustment as the result of a takeover or transformation action, we shall determine the appropriate adjustment to be made to the contract price or contract quantity as we consider appropriate to account for the diluting or concentrating effect of the action. Such adjustment shall represent the economic equivalent of our rights and obligations to you and us immediately before the action.
Account Termination Policies
You have the right to terminate the Agreement by giving the Company at least 7 (seven) days written notice, specifying the date of termination, on the condition that in the case of such termination, all Client’s Open Positions shall be closed by the date of termination without derogating all the provision aforementioned therein, including charges, fees, and penalties.
The Company may terminate the Agreement by giving you a 7 (seven) days written notice specifying the termination date therein.
The Company may terminate the Agreement immediately without giving any notice in the following cases:
The termination of the Agreement shall not, in any case, affect the rights which have arisen, existing commitments, or any contractual provision which was intended to remain in force after the termination. In the case of termination, you shall pay the following:
In case you breach this Agreement, the Company reserves the right to reverse all previous transactions that place the Company’s interests and/or all or any of its client’s interests at risk before terminating the Agreement.
The following shall constitute “Events of Default” on the occurrence of which the Company shall be authorised to exercise its rights by the Paragraph below:
to treat any or all Transactions then outstanding as having been repudiated by the Client, in which event the Company’s obligations under such Transaction or Transactions shall be cancelled and terminated.
Risk Acknowledgement
It shall be noted that due to market conditions and fluctuations, the value of Financial Instruments may increase or decrease or may even be reduced to zero. Regardless of the information the Company may provide, you agree and acknowledge the possibility of these cases occurring.
You are aware and acknowledge that there is a significant risk of incurring losses and damages as a result of the investment activity (purchase and/or sale of Financial Instruments) through the Company and the Company’s Trading Platform and accept that you are willing to undertake this risk upon entering into this business relationship.
You declare that you have read, understood, and unreservedly accepted the following:
Each financial contract purchased by a customer via the Company’s Website is an individual Agreement made between that customer and the Company and is not transferable, negotiable, or assignable to or with any third party.
Data Privacy Policies
The Company does not have any obligation to disclose to you any information or take into consideration any information either when making any decision or when it proceeds to any act on behalf of you unless otherwise agreed and stated in this Agreement and where the relevant Laws and Regulations and directives in force impose this.
The Company will never disclose any private or otherwise confidential information in regards to our Clients and former Clients to third parties without the express, written consent of our Clients, except in such specific cases in which disclosure is a requirement under Law, or is otherwise necessary to perform verification analysis on the Client’s identity to safeguard their account and secure their personal information.
The Company will handle all your data according to the relevant Laws and Regulations for protecting Personal Data.
The Company may be legally obliged to pass on the information and other financial information concerning your financial accounts to the local tax authorities. They may exchange this information with tax authorities of another jurisdiction or jurisdictions under intergovernmental agreements to exchange financial account information.
The Client shall be responsible for providing accurate information for CRS purposes. The Company shall not be held liable if any misleading and/or false information will be reported to the tax authorities of another jurisdiction or jurisdictions according to intergovernmental agreements to exchange financial account information.
By accepting this Agreement, you consent that you have read and accepted the terms of the “Privacy Policy” adopted by the Company. This policy is detailed on the Company’s main Website public and available to all Clients.
Unless the contrary is expressly provided, any notice, instructions, authorizations, requests, or other communications to be given to the Company by you under the Agreement shall be in writing. It shall be sent to the Company’s mailing address as indicated on the Company’s Website or to any other address the Company may specify to you from time to time for this purpose. It shall take effect only when received by the Company, provided they do not violate and are not contrary to any term of this Agreement.
The Company reserves the right to specify any other way of communication with you.
You acknowledge that the Company might record telephone conversations between you and the Company without warning to ensure that the Transaction’s material terms and any other information relating to the Transaction are promptly and accurately recorded. Such records will be the Company’s sole property and accepted by you as evidence of the Orders or instructions given.
Complaint Submission Process
The Company must implement internal procedures for handling complaints fairly and promptly. You may submit a complaint to the Company via email. The Company will promptly send you a written acknowledgment of its complaint following receipt, enclosing details of the Company’s complaints handling procedures.
All complaints or grievances must be in writing and addressed to the Company’s Customer Support Department via email at [email protected].
The Company shall investigate and reply to the complainant within sixty (60) days of receiving the complaint.
Upon completion of the investigation, the Company shall send a written notice to the complainant informing him of the outcome of the investigation along with the reasons for reaching such a decision or, If applicable, the nature and terms of any offer and/or settlement.
The Company will conclude its investigation sixty (60) days after receiving the complaint.
The Client may not initiate any formal proceedings during the investigation period.
Under Applicable Regulations, the Company must have arrangements to manage conflicts of interest between its clients and other Clients. The Company will make all reasonable efforts to avoid conflicts of interest when they cannot be avoided. The Company shall ensure that you are treated fairly and at the highest level of integrity and that your interests are always protected.
Supplementary Regulations
You acknowledge that no representations were made to you by or on behalf of the Company which has incited or persuaded you to enter into the Agreement.
In case any provision of the Agreement is or becomes, at any time, illegal, void, or non-enforceable in any respect, following 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 this provision following the law and/or Regulation of any other jurisdiction, shall not be affected.
All transactions on your behalf shall be subject to the laws that govern the establishment and operation, the regulations, arrangements, directives, circulars, and customs (jointly from now on called the “Laws and Regulations”) of Saint Kitts and Nevis).
You shall take all reasonably necessary measures (including, without prejudice to the generality of the above, the execution of all the required documents) so that the Company may duly fulfil its obligations under the Agreement.
The location of detailed information regarding the execution and conditions for the investment transactions in Financial Instruments conducted by the Company and other information regarding the activity of the Company are accessible and addressed to any natural persons and legal entities at the Company’s Website over the Internet.
The provisions of the Terms and Conditions and/ or any other policies and/ or any other content included in the official Website of the Company expressed in the English language shall prevail over the provisions of any other translation of the same documents in whichever language the potential translation might be.
Legal Framework and Jurisdiction
The Laws of Saint Kitts and Nevis govern this Agreement and all transactional relations between you and the Company. The competent court for settling any dispute between them shall be the District Court of the district where the Company’s headquarters are located.