Terms & Conditions: I. Definitions
Terms & Conditions: I. Definitions
WTG Ltd., reg. address Office 5B, HIS building, Providence Mahé, Seychelles, license number
8426579-1, acting under the brand name FX Centrum (hereinafter referred to only as the
“FXC”), issued these Terms and Conditions for the provision of Investment Services in relation
to Financial Instruments (hereinafter referred to only as the “T&C”).
I. Definitions
For the purposes of these T&C and of all the documentation forming an integral part of the
Contract and attached and/or annexed to the Contract, the terms used herein shall have the
following meanings:
1. “Agent” shall mean a third person acting on behalf of a Client based on either a
contractual relationship between clients or the third person (Power of Attorney) or
a binding decision of authority stating that the third person is a legal representative
of the Client.
2. “AML Policy” shall mean a set of internal rules and measures imposed upon the
employees of FXC with the purpose of abiding to and/or being compliant with
applicable laws on the prevention of money laundering and terrorist financing.
Such measures include Know Your Customer policy, ongoing monitoring of Clients’
data and Transactions and other rules as described on FXC’s Website.
3. “Authorized Person” shall mean a person, who is formally and properly
empowered to legally represent a Client in respect of duties associated with his
office at the time of proposing acts, entering orders or in other way dealing with
FXC.
4. “FXC’s Account” shall mean an account (omnibus) opened with another financial
institution in the name of FXC under the conditions described in Article V. point 8.
of these Terms and Conditions. The number of such an account is communicated to
the Client during the process of entering into a Contract.
5. “FXC’s Website” shall mean a website found and run by FXC, which contains
updated information about FXC and its services. The website can be found at the
following address: www.fxcentrum.com .
6. “Client” means any person, who has in his own name entered into a Contract (as
this is defined below) and so established legal rights and obligations between
himself and FXC arising from and in compliance with the Contract and other
documents, which are declared to be integral part of the Contract.
7. “Client Account” shall mean an account opened with FXC solely in the name of the
Client after entering into a Contract for the purpose of registering the balance and
all Transactions concerning funds of the Client.
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8. “Complementary Services” shall mean services that are related to and accompany
Investment Services. Complementary services are provided by FXC without
further notice or special consideration from the Client whenever such services are
necessary to enable or facilitate the provision of Investment Services.
9. “Conflict of Interest” shall mean a situation in which there is a potential of
weakening impartiality of one of the parties to the Contract because of discrepancy
between the party’s interest concerning the Contract and other professional or
self-interest. It also means cases of discrepancy between parties’ interests and
public interest.
10. “Contract” shall mean the applicable contractual framework in relation to financial
services provided by FXC. It is entered into by FXC and the Client and includes the
legal documentation considered to be an integral part of the Contract, namely
account application filled by the Client, these Terms and Conditions, Risk Disclosure,
Anti Money Laundering Policy, Trading Execution Risks and Privacy Policy as
updated from time to time and available at FXC website.
11. “Credit” shall mean a fictional amount assigned to the platform of MetaTrader.
This amount increases the value of equity.
12. “Currency” shall mean a medium of exchange in the form of money, which is issued
by a government and circulated within an economy. Currency is the basis for trades
on foreign exchange market.
13. “Exchange Rate” shall mean the rate between two currencies in which one
currency will be exchanged for another.
14. “Financial Instrument” shall mean an investment instrument in form of real or
virtual document representing a legal agreement involving some sort of monetary
value.
15. “Incorrect Price Quote” shall mean prices of Financial Instruments provided to
the Client that are significantly different from the prices of their underlying
instruments as provided by the FXC’s liquidity provider.
16. “Introducing Partner” shall mean a person acting as a tied agent in the respect of
referring clients to FXC based on a contractual relationship between FXC and such
person. Unless stated otherwise in the agreement between FXC and such person,
the Introducing Partner has no right to act in the name of FXC.
17. “Investment Services” shall mean trading in commodity-based derivative
instruments and other securities.
18. “Investment Questionnaire” shall mean a series of questions concerning
potential Client’s financial background, trading experience, knowledge plans and
investment goals.
19. “Joint Account” shall mean a Client Account owned by two or more persons, all
of them acting as one Client.
20. “Leverage” shall mean the use of borrowed capital to be able to make larger trades
with a limited amount of money.
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21. “Login” shall mean a unique username, which allows Clients to access Trading
System, and further allows to access into the Trading System after entering the
username and Password.
22. “Market Data” shall mean, in particular, the stream of price quotes and market
information by FXC to client.
23. “Market Execution” shall mean the method of execution when the Clients are
opening or closing their position(s), these orders go to the open market where they
are filled at the best available price. There is a delay before the trade is placed and
when it is filled. This method of execution does not allow stop-loss and profit from
orders will be specified and set at the moment of placing a new trade.
24. “Opening Position” shall mean the process of establishing or entering into a trade.
Once this process is started, legal rights and obligations related to concerned trade
arise. Once this process is successfully completed, an opened position is
established.
25. “Password” shall mean a sequence of characters, which is used to determine a
person requesting access to Trading System.
26. “Position Closing” shall mean the process of termination of an opened position.
Once this process is successfully completed, legal rights and obligations related to
the concerned position terminate together with the position, which position is then
considered as closed.
27. “Power of Attorney” shall mean a written authorization of third person to
represent Client and act on Client’s behalf. Any document suiting the definition in
previous sentence falls within this term, no matter how such a document is actually
named.
28. “Platform” shall mean a specific software provided by FXC, through which
investors and traders can order and execute the process of Opening Position,
Closing Position or in other ways managing their positions and entering
Transaction Orders. Platforms form a significant part of Trading System.
29. “Politically Exposed Person” shall mean an individual who has been entrusted with
prominent public function, such person’s close relative or any person known to be
close associate of that Politically Exposed Person. Closer specification will be found
in the AML policies.
30. “Price Quote” shall mean a specified price of Financial Instrument offered at specific
time to the Client.
31. “Spread” shall mean a variable difference between the price, at which a client may
buy and sell a particular Financial Instrument. This variable spread varies within a
certain range. This range is movable according to the internal bank market.
32. “Technology Provider” shall mean a third person providing FXC with necessary
technical means based on a contractual relationship between such person and
FXC. Technology Provider is not an employee of FXC.
33. “Trading Hours” shall mean time frames during which the transactions on
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particular Financial Instrument can be executed. Trading Hours of FXC are
generally from Sunday 5:15 PM (EST) through Friday 4:00 PM (EST).
34. “Trading System” shall mean a complex of software and internet-based
applications provided by FXC to the Client in a way of connecting to the
dedicated servers designated for that purpose by FXC, facilitates the process of
provision of Investment and Supplementary Services.
35. “Transaction” shall mean an agreement between two parties (the buyer and the
seller). It states that the seller will pay the buyer the difference between the current
value of an asset and its value at "contract time". If the difference is negative, the
buyer pays the seller instead.
36. “Transaction Account’’ shall mean one or more accounts, which meet the
requirements set in Article IV. Point 8 letter b) of this document and which have
successfully passed the process of Verification.
37. “Transaction Confirmation” shall mean an automatic written confirmation of
successful execution of Transaction. The confirmation is generated by Trading
System and shows up in the list of Transactions within Client Account.
38. “Transaction Credit Card” shall mean one or more credit or debit cards, which
meet the requirements set in Article IV. Point 8 letter a) of this Terms and
Conditions and which have successfully passed the process of Verification.
39. “Transaction Margin” shall mean collateral in the form of monetary funds, which
is necessary to be provided by Client for particular opened position.
40. “Transaction Order” shall mean an order placed by Client for FXC to conclude a
Transaction.
41. “Unavoidable Circumstances” shall mean circumstances that arise independently
of the will of party obliged under the Contract and which prevent this party of
Contract from performing its obligation, provided that it cannot be reasonably
expected that the obliged party could overcome such circumstances or its
consequences, and further that the occurrence of the circumstances was
unpredictable at the time when the obliged party undertook to perform the
obligation.
42. “Verification” shall mean the process or act of checking and potentially confirming
the truth and validity of information provided by Client to FXC. Such information
concern Client’s background, personal (and corporate, if applicable) and account
details and are verified by requested documentation, as described herein and in
the Contract. Without due and successful Verification, the Contract cannot be
entered into.
43. “Event of Default” shall mean either one of the events of default described under
the Article XV of these Terms and Conditions and/or an action or circumstance that
causes a lender to demand full repayment of an outstanding balance sooner than
it was originally due.
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II. General Statements and Provisions
1. These Terms and Conditions govern the rights and obligations of the Client and
FXC arising from the Contract. As agreed in the account application, the Terms and
Conditions are an integral part of it and as a consequence both parties hereby
agree and declare that they shall respect the rights of the other party and perform
their own respective obligations duly, properly and with reasonably expectable
care. Unless stipulated otherwise herein, in the Contract or in the other
documentation governing the legal relationship between FXC and Client, or
unless agreed otherwise upon the parties, the rights must be respected and
obligations performed since the Contract is entered into and until the Contract is
terminated with respect to conditions of terminations stated herein and in the
Contract.
2. Any time in this document that the term “Contract” is referred to, unless stated
otherwise such referral also includes other documents, forming an integral part of
the Contract and are listed in the body of the Contract.
3. In this document depending on the context masculine might include feminine and
neuter, singular includes plural and vice versa.
4. FXC reserves the right to modify these Terms and Conditions unilaterally. No
written amendment is required for such modification. FXC undertakes that these
changes do not cause a fundamental change or deterioration of status of a client. Any
such change can arise only with regard to the legitimate interests of the counterparties.
Unilateral change becomes effective when published. Any potential fundamental
change shall be done in writing.
5. Both parties hereby represent and warrant that when dealing with the other party
concerning any matter arising out of the Contract, all the information they provide
shall be truthful and their acts and statements shall be in full accordance with the
applicable law agreed upon in Article XVIII. of this document.
6. The Client hereby represents and declares, that the entire Contract, including all
integral parts thereof (annexes, documentation), was introduced to him, he has
read it carefully before the conclusion, signed it and became bound by its
provisions.
7. The Client further represents and declares that by entering into this Contract and
the Terms and Conditions he becomes bound by the same. This document is an
expression of his free, serious and definite will, not concluded under any adverse
impacts or disadvantageous circumstances.
8. FXC reserves the right to assign its obligations hereunder to any Third Party without
any consent of the Client. Client cannot assign any rights or obligations under this
Contract to any Third Party without a written consent of FXC.
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III. Agents, Community Property and Joint Account
1. In the event an Agent is acting on behalf of Client, FXC shall request all
information and documents necessary for the identity Verification of such Agent (see
Article IV. point 6, if the Agent is an individual or Article IV. point 7, if the Agent is
a legal entity) and rights of such Agent in respect for acting on behalf of the Client
in the following situations:
2. The provided documents must further provide satisfactory legal base for Agent to
execute proposed act; otherwise FXC shall reject such act.
3. In case the rights of the Agent in the event described in point 1 of this Article are
based on a Power of Attorney, FXC may, at its sole discretion, require the
signature of the Client as a principal on the Power of Attorney to be authorized by
a public notary and the Power of Attorney to be apostilled and super legalized.
In case that the rights of Agent in situation described in point 1 of this Article are
based on Power of Attorney, the Power of Attorney must include:
4. In case FXC concludes single Contract with more than one person, having joint
property (and bank account, as applicable) and acting as a Client, the following
conditions apply:
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d) Each of the co-owners of Joint Account has the right, in general, to control the Client
Account and has a disposition right to the funds thereon. In some cases, however,
FXC has the right to refuse or reject orders or proposals, made by any of the co-
owners, unless consent of the other co-owner(s) is provided in writing.
e) Even if the communication is held with one of the co-owners, the right to object
against such communication shall be granted to each of the co-owner.
5. The conditions set in point 4 above applies to the cases of Joint Accounts,
apart from point (e) accordingly.
6. Situation in point 1 above does not liberate the Client or the Agent from the
obligation to provide information and documents which are considered necessary
to identify and verify the identity of Client in compliance with this document.
a) Choosing and entering Password for the access of a potential Client Account;
b) Entering his personal data - full name, permanent residence address, nationality,
date of birth, telephone number and email address;
c) Stating whether he is a Politically Exposed Person;
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d) Filling in the Investment Questionnaire;
e) Determining the method of first deposit;
f) Uploading photocopies of Proof of Identity and Proof of Residence documents into
Client zone, which shall prove the truthfulness of personal data entered by
potential Client as described under letter b), which have further been issued by
public authority and shall include a photo of Client;
g) Choosing trading Platform;
7. For the purpose of executing the process of Verification, potential Client - entity
(legal person), shall fulfil the following requirements within Client zone:
8. For the purpose of executing the process of Verification, any potential Client,
depending on the selected first deposit method, shall provide a photocopy of
following documentation by uploading it to respective column in Client zone:
a) In the event of using credit card for the first deposit, a document proving the
number of such credit card, that such credit card is valid and held in the name of a
potential Client, issued by a n authorized credit institution and connected to
such account opened with this institution; or
b) In the event of using wire transfer for the first deposit, a document proving an
existence and number of account open with credit institution, held in the name of a
potential Client.
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9. The Client hereby acknowledges and agrees that due to FXC’s AML Policy, the
first deposit must be made by credit card or account held in the name of the
Client exclusively, while such credit card or account details must be indicated in
Client zone prior to making the deposit, as described in point 8 of this Article.
10. The Contract can be entered into and the Verification can only be executed
electronically by use of Client zone, which is to be found on FXC’s Website.
11. FXC shall examine the data, provided based under points 6 to 10 of this Article,
on regular basis, determine the suitability of its products and inform such
potential Client about the results of such examinations.
12. Potential Client hereby acknowledges that in the event FXC does not consider
the information or documents provided by potential Client in compliance with
points 6 to 10 of this Article, in its sole discretion, as satisfactory with regard to FXC
AML Policy, FXC may require additional information or documents from such
potential Client before the conclusion of this Contract.
13. If the potential Client fulfils the requirement described in points 6 to 10 of this
Article successfully, FXC shall send a confirmation of such fact to the Client within
two working days via Client zone, provide the Client with full access to
his/her/its Client Account and allow Client to execute Transaction Orders.
V. Client Account
1. FXC hereby represents and warrants that while dealing with any monetary
funds or other assets of Client, it shall act prudently and with due professional care.
Furthermore, FXC shall not disclose any confidential information and facts
related to Client Account to third parties, unless it’s:
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4. The Client Account shall be maintained and all operations concerning the Client
Account shall be made by both parties of the Contract via Client zone, unless
expressly stated herein or in the Contract.
5. The Client Account is accessible through Client zone after entering pre-set Login
and Password by Client. The Client hereby acknowledges and agrees that he is
the only person authorized and permitted to manage Client Account in respect
to entering Transaction Orders, changing or updating personal data and in other
way perform rights and obligations arising from the Contract and this document.
6. Client Account is held in a Currency chosen by the Client at the time of
conclusion of this Contract. Full range of Currencies, in which Client Account may
be held, depends on the current offer of FXC.
7. No interest is accrued or debited in relation to the funds and deposits made to
Client Account.
8. The Client hereby acknowledges that the funds deposited by the client on the
Client Account are kept in one or more accounts held with a financial institution
on behalf of FXC. The selection of specific financial institution, with which such
accounts are held, is solely within FXC’s discretion. However, such choice shall be
done in accordance with Article V. point 1.
9. Client is obliged to notify FXC about any suspicion of potential unauthorized use
or awareness of the Password to Client Account without delay. In such a case FXC
shall disable Client Account without undue delay.
10. The Client may request revision of any non-executed transaction. Such revision
may be carried out only on the basis of justified reasons (so a reasonable concern
of incorrect calculation, non-execution etc.). However, if the client’s request proves
to be inadequate and unjustified, FXC may, at its own discretion, charge $100 (one
hundred U.S. dollars) per revision. In the event such revision proves that such
request of client was justified and transaction non-executed, FXC shall bear the
costs of such revision.
VII. Funds
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1. The funds deposited on Clients Account may be used by FXC solely for the
following purposes:
a) settlement of Transactions;
b) settlement of fees and commissions charged in accordance with conditions set up
by each Platform;
c) coverage of Transaction Margin;
d) withdrawal of funds;
e) conclusion of new Transactions;
f) collateral/security deposit.
2. The Client hereby acknowledges that in case the amount of funds on Client
Account is not satisfactory for settlement of all orders entered by Client, the order
of list presented in point 1 . reflects the priority for usage of funds on the Client
Account and prospective new deposited funds.
3. The Client further acknowledges and agrees to the following terms and conditions
concerning deposits of funds:
a) All deposits must only be made from Transaction Account(s) or Transaction Credit
Card(s), otherwise they will be rejected by FXC.
b) The deposits must be made and the corresponding funds must be sent only in the
Currency, in which the Client Account is maintained.
c) The deposited funds shall become available within the Client Account after FXC
receives a confirmation from the bank of the funds being credited to FXC’s
Account. When such a confirmation is received, FXC shall make funds accessible
without undue delay.
4. The Client hereby acknowledges and agrees to the following terms and conditions
concerning withdrawals of funds:
a) A request for withdrawal can be filled only (1) in writing by using a withdrawal form,
which can be found on FXC’s Website or (2) via client zone by entering
corresponding information specified therein.
b) All withdrawals must only be made to Transaction Account(s) or otherwise the
request for withdrawal will be rejected by FXC.
c) The request shall further be rejected by FXC in case that the requested amount
exceeds the minimum Transaction Margin required for currently opened position.
The request shall further be rejected by FXC in case that the person placing the
request is not duly authorized or his authenticity is disputable.
d) The withdrawals are executed and the corresponding funds are sent to Transaction
Account only in the Currency, in which the Client Account is held.
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e) FXC reserves the maximum period of five working days, starting at the moment of
placing a withdrawal request by Client, before the funds are transferred to
Transaction Account of Client. The period serves for Verification of person placing
the request and the amount of funds remaining on Client Account. The withdrawal
orders are thought to be executed by FXC without undue delay.
5. The Client hereby acknowledges that in the event where FXC receives a request for
refund or chargeback of funds already credited to FXC’s Account, no matter
whether such request comes from the Client or a financial institution, with which
Client’s Transaction Account is opened, such request can only be satisfied up to
the amount of funds remaining and being available on Client Account at the
moment of delivery of the request to FXC. FXC has no responsibility and shall not
refund or charge back any loss caused by unsuccessful trading or spent on
charges.
6. The Client hereby acknowledges and agrees that all transactions between Client
and FXC shall be performed by wire transfer or other method in which FXC is in
compliance with FXC’s AML Policy and FXC can verify the identity of Client or take
other measures under its AML Policy. FXC may not accept deposits to Client
Account from third party account; neither may FXC withdraw any funds from Client
Account to any third party account.
7. The Client hereby acknowledges that any chargebacks or refunds shall only be
made to Transaction Account or via Transaction Credit Card.
8. In the certain occasions the Client shall be awarded bonuses in form of Credit. This
Credit shall be removed anytime according to the decision of FXC. The Client is not
entitled to the legal claim of Credit assignation. Detailed description shall be found
in a special terms and conditions of each bonus promotion.
9. The Client hereby acknowledges and authorizes FXC to use his/her funds as
collateral/security deposit to third Party Service providers
VIII. Communication
1. Unless stated otherwise, any communication between FXC and Client, which related
to this Contract and its scope in any way, shall be done orally, by phone, email or
other electronic means including Client zone or by correspondence.
2. Notwithstanding point 1. of this Article and unless stated otherwise in this
document, any amendments or supplements to the Contract and related documents
must be made in writing, agreed upon and signed by both parties and attached to
the Contract.
3. Any communication from FXC shall not be deemed effective unless served to the
Client. Any communication from the Client shall not be deemed effective unless
accepted by FXC.
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4. The language used in the Contract, related documents and their amendments shall
be the English language. Whenever the Client is required to provide any
document to FXC, such document must be in English language, unless required
otherwise by FXC or tacitly accepted.
5. The Client hereby acknowledges and agrees that FXC makes, saves and keeps
records of all communication as described in point 1. of this Article, regardless
whether such communication is made by phone, in writing, via Client zone or in any
other way. The content of such communication shall be considered confidential and
serves only for the purpose of evidence and to comply with FXC’s AML Policy.
6. Whenever a communication as described in point 1. of this Article is carried out by
email, the Client must use only one dedicated email address. Such email address shall
always be the one, which has been entered by Client at the time of entering into
Contract.
7. Actual contact information and details of FXC are indicated and listed on FXC’s
website while FXC has the right to change them in accordance with other provisions
of this document anytime without any notice to the Client.
IX.Trading
1. The Client hereby acknowledges that for the purpose of any Opening Transaction,
the Client is obliged to provide a Transaction Margin under the following
conditions:
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more open positions of the Client without Client’s consent in order to reduce
sufficiently the required Transaction Margin. Client shall be notified about this fact
without undue delay.
g) FXC offers clients a negative balance protection which does not charge loss
exceeding the margin when the set position cannot be closed and the margin
becomes negative in an irregular situation such as concentration of market order.
Margin negative will be resolved within 7 business days and the equity will return
to "0". In the event such balance is not brought back to 0 form negative, the Client
shall contact FXC.
h) FXC reserves the right to apply changes to and amend the leverage ratio (i.e.
decrease or increase the leverage ratio), at its sole discretion and without any
notification, case by case on any account of the client as deemed necessary by FXC.
2. FXC shall provide the Client with systematic Price Quote of prices of Financial
Instruments, providing buying price, selling price and the amount of Spreads of
each Financial Instrument. Current Spreads and prices are passed to the Client
through Trading System and accessible on FXC’s Website.
3. FXC has the right to suspend Price Quote and trading on a specific Financial
Instrument in the cases including, but not limited to, suspension of trading on an
underlying instrument or force majeure as described herein.
4. FXC has further the right to modify Spreads without any notice to the Client.
5. The Client acknowledges and agrees that FXC uses Market Execution method.
6. FXC may at its sole discretion, while making reasonable efforts for post-
notification, alter, refuse to transmit or execute any transaction or revoke an
executed transaction in particular in the following cases:
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Transaction Order, other instruction or disposition executed within Client Account.
10. Client is able to place to the Trading System only Transaction Orders, which are
allowed by FXC. Such Transaction Orders include, but are not limited to, stop
orders, limit orders or contingency orders. The current offer of Transaction Orders
allowed by FXC can be changed by FXC without any notice to Client.
11. Any single Transaction Order may refer only to buying or selling of one particular
Financial Instrument.
12. In order to achieve validity, any Transaction Order shall contain at least name
of Client and identification of Client Account, type of Financial Instrument, date
and time of placement of order, volume of Financial Instrument, type and number
of order. A valid Transaction Order can only be modified before its execution,
unless stated otherwise herein.
13. Client hereby acknowledges that any Transaction Order shall be executed only
when Client has sufficient amount of funds on Client Account to establish
Transaction Margin, otherwise the Transaction Order will be rejected.
14. Any Position Closing shall result in the termination of all rights and obligations
arising from such previously open position, unless stated otherwise herein.
Financial result of Closing Position is settled by FXC on the day of closing.
X. Charges
1. FXC has the right to change such fees & charges, add or revoke new fees & charges
while such fees & charges shall be applied for the first time.
2. For any Transaction Order or other act made by Client, from which charges might
arise, the amount charged to the Client shall be counted accordingly to the relevant
list of charges, which was valid at the time of entering Transaction Order or other
act, from which the charges might arise.
3. Data feed charge: FXC reserves the right to levy a reasonable charge to reflect our
costs in making real time prices available to you on your Account if you repeatedly
access your Account over an extended period without placing any Orders and
executing trades on the Account.
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authorities shall prevail and come first with no exceptions.
2. In case FXC acts inconsistently with the provisions of the Contract as a
consequence of situation described in point 1. of this Article, such acts are not
considered to be a breach of Contract and there is no responsibility arising on the
side of FXC for any damage or loss caused to the Client.
3. Upon request of a relevant financial authority FXC may disable Client’s Account.
immediately and without any prior notice.
2. FXC is obliged to explain to Client the reason of closing the account anytime upon
request.
3. The Client hereby acknowledges that FXC has the full right to disable Client
Account anytime without prior notice to Client and at FXC’s sole discretion.
2. The client hereby acknowledges that termination of Contract shall not affect any
Transaction previously entered into by Client and shall not relieve any of the parties
from any obligation arising out of the Contract and already existing at the time of
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effective termination of Contract. FXC shall have the right to cancel, unwind or relief
the Contractual Parties from any transaction which is based on a breach of Contract
or the applicable law.
3. Each of the party can terminate the Contract with a 1-week (one week) written
notice, while such period is initiated at the moment such notice is effectively
delivered to the other party.
4. Upon written consent of both parties, the Contract may also be terminated with
immediate effect or within a different period than the one stated in point 3. of this
Article.
5. In case of termination of the Contract in accordance with the point 3. and 4. of this
Article by the Client, such termination may occur only if there are no open positions
on the Client Account. Otherwise, FXC shall close all open positions on Client
Account at the moment the termination of Contract comes into effect.
6. FXC has the right to terminate the Contract with immediate effect in case the Client
is in breach of any of the provisions of the Contract, in case any statements or
representations, provided by Client, are found to be false, untrue or misleading
during the effect of the Contract or whenever a Conflict of Interests arises.
7. In case of death of Client - individual or in the event of liquidation or insolvency of
Client - entity, this Agreement shall terminate automatically on the next business
day after the receipt of an official evidence of the fact above by FXC.
8. FXC has the right to terminate the Contract with immediate effect if the country
of Client’s residence appears on Financial Action Task Force sanction list.
XIV. Default
1. Each of the following constitutes an “Event of Default”:
a) the failure of the Client to provide any initial Margin and/or hedged Margin, or
any other amount due under the Contract;
b) the failure of the Client to perform any obligation due to the Company;
c) If an application is made in respect of the Client pursuant to the Seychelles
Bankruptcy Laws, as amended or any equivalent act in another Jurisdiction (if the
Client is an individual), if a partnership, in respect of one or more of the
partners, or if a company, a receiver, trustee, administrative receiver or similar
officer is appointed, or if the Client makes an arrangement or composition with the
Client’s creditors or any procedure which is similar or analogous to any of the above
is commenced in respect of the Client;
d) where any representation or warranty made by the Client is/or becomes false,
untrue or invalid;
e) the Client is unable to pay the Client’s debts when they fall due;
f) the Client (if the Client is an individual) dies or is declared absent or becomes of
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unsound mind;
g) any other circumstance where the Company reasonably believes that it is necessary
or desirable to take any action set out in the following paragraph;
h) the Client involves the Company in any type of fraudulent or illegal activity.
i) an action set out in the following paragraph is required by a competent regulatory
authority or body or court;
j) in cases of material violation by the Client of the requirements established by
legislation of Seychelles or other countries, such materiality determined in good
faith by the Company;
k) if the Company suspects that the Client is engaged into money laundering activities
or terrorist financing or other criminal activities.
2. If an Event of Default occurs the Company may, at its sole discretion, at any time
and without prior Written Notice, take one or more of the following actions:
a) terminate this Agreement without notice, granting the right to perform any action
specified in Section “Termination of the Agreement” by the Company;
b) combine any Client Accounts, consolidate the Balances in such Client Accounts
and to offset those Balances;
c) close the Client Account;
d) cease to grant the access to the Company Online Trading System to the Client;
e) convert any currency;
f) suspend or freeze or close any open positions or reject Orders;
g) refuse to accept Client Orders;
h) refuse to open new Client Accounts for the Client;
i) cancel, unwind or relief the Parties to the Contract from any executed transaction
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Client Account, Client agrees not to hold FXC and its Technology Providers
responsible for losses incurred through following its trading recommendations or
suggestions or those of its employees, agents or representatives.
4. Client hereby acknowledges that any guarantee of profit or loss clearing cannot be
given and it is impossible to predict performance in foreign currency trading.
Client acknowledges that he has received no such guarantees from FXC or from any
of its employees, representatives or any Introducing Partner and has not entered
into this Contract in consideration of any such guarantees or similar
representations.
5. All transactions effected for Client Account and all fluctuations in the market prices
of the Contracts carried in Client Account are at Client’s risk, and Client shall be
solely liable therefore under all circumstances. Should Client’s account end in debit,
Client warrants that the Client will pay FXC the amount due.
6. FXC shall not be held responsible for any delays or partial or total failures in
any online (electronic) trading platforms or any communications facility or
other causes beyond FXC’s reasonable direct control.
7. The Client understands and recognizes that the transactions to be conducted
pursuant to this Contract are not conducted on a regulated market or exchange.
XVI. Indemnification
1. The Client agrees to defend, indemnify and hold FXC, its Technology Providers,
affiliates, and their respective employees, agents, successors and assigns harmless
from and against any and all liabilities, losses, damages, costs and expenses,
including attorney’s fees and other legal expenses, incurred by FXC arising out of
the following:
a) Client’s failure to perform his obligations in full arising out of the Contract
properly and on time;
b) in case that any of the representations and warranties made by Client herein or at
any time are found to be untrue or incorrect;
c) violation by Client of any applicable law, rule or regulation.
d) gross negligence or any willful misconduct by Client.
2. Unless expressly stated herein, Client also agrees to pay all damages, costs and
expenses, including attorney’s fees, incurred by FXC in the enforcement of any
of the provisions of the Contract or any other agreements concluded between
FXC and Client and any Transaction executed based on the Contract, to FXC without
delay. The Client’s obligation under the preceding sentence arises upon the
incurrence of the said costs.
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XVII. Data protection
1. FXC is committed to protect all personal information of the client, of which it
becomes aware in connection with the business cooperation between the client
and FXC. In this respect, FXC is governed by the applicable laws, business
practices and good manners.
2. This is not in conflict with provisions of Article XVII point 1 when FXC
provides client’s e-mail address to relevant IP to ensure fast communication.
3. FXC collects personal and non-personal information about the client for business
and marketing purposes. Such information shall be shared with affiliates and
business partners to transact business effectively and the Client gives FXC express
permission to do so.
1. If the Client is an individual, he/she is of sound mind, legal age and of full legal
capacity to enter into the Contract;
2. If the Client is a legal person, it is duly organized, constituted and validly existing
under the applicable laws of the jurisdiction in which the Client is constituted and
each individual dealing with FXC in any matter concerning the Contract is duly
authorized by the Client;
3. The Contract and its execution shall not violate any law, regulation, by-law or policy
applicable to the Client or be inconsistent therewith;
4. Any information, documents or data provided by the Client while entering into
Contract and any time during the validity and effectiveness of the Contract are
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accurate, truthful and not misleading in any formal or material respect;
5. Client is willing and financially able to sustain any loss of funds resulting from
Transactions and any services provided under the Contract, unless such loss is
caused by violation of applicable law or provisions of the Contract, gross
negligence or willful misconduct from the side of FXC;
6. Client is a sole beneficial owner of all funds transferred under the Contract and that
such funds do not derive directly or indirectly from any criminal activity under the
applicable laws. The Client has not granted and will not grant any security interest
in Client Account with FXC to any person except FXC without prior written
consent of FXC.
7. Before the conclusion of Contract, the Client has received an assessment based
on information provided by Client, which informs Client about the suitability of
Investment Services provided under the Contract to Client. In case the
assessment did not determine such Client as suitable, the Client shall be duly
informed thereabout.
8. Before the conclusion of the Contract, the Client hereby represents that he/she has
read carefully and fully agreed not only with the Contract and documents forming
an integral part of it, but also other documents relevant for the performance of
obligation under the contract including, but not limited to FXC’s AML Policy
statement, list of contacts, risk disclaimer or current trading conditions. All of
the documents can be accessed through the FXC’s Website.
9. Before the conclusion of the Contract, the Client had the opportunity to conduct
simulated trading using FXC’s demo trading Platform for a period that has
allowed the Client to develop a full understanding of the Trading System and
principles of trading.
a) it will limit its use of Market Data solely for the Internal Use (as defined below) of
Client. “Internal Use” shall mean access to and use of Market Data for performance
of research and analysis, preparation of hardcopy research documents and reports
and for other data processing use, analysis and distribution to the Client (if an
individual) or within Client’s own organization (if an entity) but not for
redistribution of, or the provision of access to, Market Data to any third-party
including but not limited to any clients or customers of Client or to any other non-
Client persons or entities. If an entity, Client shall advise each of its employees
having access to Market Data of the proprietary nature of Market Data and shall
direct such employees to treat such information pursuant to the terms of this
Agreement. Client shall not make Market Data provided to it by FXC available to any
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other Person.
b) Client shall only display the Market Data in a Closed Environment; it has entered
into all necessary license and other agreements or arrangements with all third-
party providers relating to use, display and/or redistribution, as applicable, of the
Market Data, and agrees that it shall maintain all such licenses, agreements and
arrangements in full force and effect for so long as it receives the Market Data
pursuant to this Agreement.
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Transaction Orders shall not be recognized or enforceable.
4. Client understands, acknowledges and agrees that FXC may amend or change this
Agreement at any time. To meet the requirement of a written form, FXC shall
provide notice to Client of any such amendment or change by sending an email
message to Client and by posting the amendment or change on FXC’s Website.
Client agrees to be bound by the terms of any such amendment or change.
5. In cases of force majeure, i. e. in situations beyond the control or influence of
one of the parties and provably prevent such party from fulfilling obligations
under the Contract, such party takes no responsibility for difficulties or losses of the
other party arising from the situation of force majeure.
6. There is the possibility that certain ways of trading are capable to incur damage,
unjust enrichment etc. at expense of FXC. Such situations could be caused by
willful usage of technical errors or defects, shuffling ways of trading, churning,
unfair competitive practices etc. Similar situations, but not limited to, could arise in
cases when any method of trading is practiced in disproportionate or aggressive way
(for example in the use of a high-frequency trading and/or latency arbitrage). The
above trading strategies are considered as abusive to FXC and remain prohibited.
FXC hereby reserves the right to withhold performance of contractual obligations
(including payment of fees etc.) in the case where any abusive trading is detected.
It is in the sole discretion of FXC to determine the occurrence of abusive trading.
7. Any invalid or unenforceable provision of the Contract shall not affect any other
provision hereunder and the remainder of the Contract shall be valid and
enforceable to full extent permitted by law and the valid provisions of the Contract.
8. If any provision of the Contract is held to be invalid or unenforceable by any court
of competent jurisdiction, the parties agree that the court may modify or amend
such provision to allow its enforcement to the maximum extent permitted under
the law. In case of inconsistency between the provisions of Terms and Conditions
and other parts of the Contract, the Terms and Conditions shall prevail.
9. The articles, points, article titles and headings contained in this Contract are
inserted as matter of convenience and for ease of reference only and shall be
disregarded for all other purposes, including the construction or enforcement of
this Contract or any of its provisions.
10. After reading the Contract, the Parties proclaim and agree that they understand
the Contract and its provision, that this Contract represents a true expression of
their free, open, serious and error-free will; and that is based on true facts known
to the parties at the date of conclusion of this Contract.
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